Atiku warns Tinubu over excessive borrowing Former Vice President of Nigeria, Alhaji Atiku Abubakar, has said that the excessive borrowing...

 Atiku warns Tinubu over excessive borrowing

Former Vice President of Nigeria, Alhaji Atiku Abubakar, has said that the excessive borrowing by the administration of President Bola Tinubu will further destabilize the Nigerian economy.

The former PDP presidential candidate also criticized the way the National Assembly approves the borrowing requirement, which he said is further dragging the country into debt.

Atiku made this known in a Facebook post, saying, “The recent report by the World Bank, which shows that Nigeria is the third most indebted country in the world by international financial institutions, is worrying.

“The report came at a time when the government has sent in a request for another 1.7 trillion naira to bridge the 2024 budget gap. What will further raise concerns about the debt is that in the budget, the value of one dollar is set at 800 naira, while the dollar is now at 1,600 naira.”

He added that Nigeria is sinking deeper into debt, “and the legislature is helping. Tinubu stated in July that the Inland Revenue Service and Customs have collected revenue that was never collected. So why is the debt being incurred? There is something they are hiding from Nigerians.”

Atiku added that the high debt is further straining the economy.