Atiku says Tinubu’s debt policy mortgages Nigeria’s future
Atiku Abubakar condemned the NEC’s approval of a $4.5 billion NNPC refinancing, describing it as proof the Tinubu administration has mortgaged Nigeria’s future.
Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, has condemned the approval by the National Economic Council of a $4.5 billion refinancing of the Nigerian National Petroleum Company Limited’s oil-backed loan, describing it as further proof that the Tinubu administration has mortgaged Nigeria’s future to sustain its reckless fiscal habits. In a statement, Atiku said every new oil-backed obligation pushes Nigeria deeper into a vicious cycle where tomorrow’s wealth is sacrificed to finance today’s policy failures.
He recalled that only a few days ago, the Presidency claimed Nigeria was unable to fully benefit from soaring international crude oil prices because future crude earnings had already been committed to oil-backed foreign loans. “That explanation should have embarrassed any responsible government. Instead, this administration has chosen to double down on the very scandal it sought to justify,” Atiku said. He asked: “What kind of government inherits a nation blessed with abundant oil resources, removes fuel subsidy, imposes multiple taxes, records unprecedented crude oil windfalls, borrows aggressively at home, and still finds it necessary to refinance billions of dollars secured against the country’s future oil production?”
Atiku called on the Tinubu administration to immediately publish the full details of the refinancing arrangement, including its terms, repayment obligations and the volume of crude oil committed under the deal. “Nigerians deserve transparency, accountability and a government that protects—not mortgages—the nation’s future,” he said.
The winners: the opposition, which has gained a political weapon; and the Nigerian public, who are demanding transparency. The losers: the Tinubu administration, which faces criticism over its borrowing strategy; and the Nigerian economy, which bears the burden of debt.
Bottom Line: Atiku says debt has become the government’s policy. The debate over borrowing continues.