By Kingston Magare
Former Vice President and Peoples’ Democratic Party presidential candidate in 2023, Atiku Abubakar has shaded President Bola Tinubu over his government’s move to borrow N1.7 trillion to fund the short fall in the 2024 budget.
Atiku said in a press statement made available to the media that by borrowing more, the country is sinking into a debt abyss, and Nigerians would continue to feel the effect for many years to come. According to a report by the World Bank Nigeria has become the third most indebted country in the world.
“This report is coming just when the government has already sent a proposal to the National Assembly signaling an intention to borrow an additional N1.7tn being shortfall in the 2024 budget through Euro Bonds,” Atiku stated.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD.
“Nigeria is sinking further in debt, and the National Assembly has become an accomplice once more. Tinubu had, in July this year, boasted that the FIRS and Customs under his watch have collected all-time high revenues to finance the Budget.
“Why then are they still borrowing? There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku added that the loans are used to fund corruption and not infrastructural development that would revamp the nation’s economy.
“It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs. A report by Budgit, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.
“I feel a sense of personal agony seeing that just a few years after the administration of President Obasanjo took our country out of foreign indebtedness, we are today back at the top spot in the same conundrum.”
