Tinubu's Reliance on Loans: Pawning Nigeria's Future.

The announcement from the Tinubu-led APC government regarding plans to seek new external and domestic loans is a reckless and hazardous decision that jeopardizes Nigeria's future and the well-being of future generations.

In defiance of widespread public outrage, this administration is moving forward with proposals to secure $21.54 billion, €2.19 billion, and ¥15 billion — totaling over $24 billion, which constitutes more than 60% of Nigeria's total foreign exchange reserves. This borrowing spree would escalate our total public debt from ₦144.7 trillion to an overwhelming ₦183 trillion. This comes at a time when Nigeria's debt situation is already critically high. As of December 31, 2024, the public debt was recorded at $94 billion (₦144.7 trillion). Since President Tinubu took office in 2023, public debt has surged by 65.6%. Under the APC administration since 2015, public debt has skyrocketed by 1,048%, rising from ₦12.6 trillion to ₦144.7 trillion. The debt-to-GDP ratio has surpassed 50%. The debt-service-to-revenue ratio exceeds 130%, indicating that the government is now spending more on debt repayments than it is earning. This situation is not only unsustainable but morally unjust. The Tinubu administration is borrowing not for developmental purposes but to pay off existing debts, perpetuating a cycle of debt that leaves no resources for infrastructure, education, healthcare, or job creation. This continuous borrowing habit, deeply rooted in the APC administration and amplified under President Tinubu, has transformed public finance into a Ponzi scheme — taking on new debt to cover old debts, and again borrowing to meet interest payments. Nigeria is now entrapped in a destructive cycle that sacrifices the future for past obligations.
We regard this as economic sabotage laid bare. We demand an immediate cessation of this reckless borrowing strategy. We urge lawmakers, civil society organizations, media, and the international community to take swift action to avert this impending disaster. Nigeria must not be subjected to the shackles of debt slavery. -AA