World Bank Report Listing Nigeria as 3rd Most Indebted Nation, Atiku Reacts with comment “It’s Very Concerning”

According to a World Bank report published by Punch on Thursday, November 21, 2024, which ranked Nigeria as the third most indebted nation to the International Development Association (IDA), Atiku Abubakar has expressed concern. The former vice president emphasized the development’s ramifications for Nigeria’s economic future while calling it “very concerning.”CONTINUE FULL READING>>>>>

In a Thursday statement, Atiku linked the troubling report to President Bola Tinubu’s unrelenting borrowing spree. He highlighted the government’s recent proposal to borrow an additional N1.7 trillion through Euro Bonds to address the 2024 budget deficit.

“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,” Atiku said, questioning the financial prudence of the administration.

Atiku criticized the National Assembly for enabling the government’s borrowing without accountability. He noted that Tinubu’s claims of record-high revenue generation from agencies like the Federal Inland Revenue Service (FIRS) and Customs contrast sharply with the government’s continuous loan applications.

He also accused the government of prioritizing corruption over development, referencing a report by Budgit, a budget watchdog, that highlighted irregularities in the 2024 budget. “It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs,” Atiku said.

Reflecting on Nigeria’s past, Atiku expressed regret that the country had returned to a position of high indebtedness after being debt-free during President Obasanjo’s administration. “Just a few years after we cleared our debts, we are today back at the top spot in the same conundrum,” he lamented.

Atiku called for fiscal responsibility and transparency, warning that Nigeria’s unchecked debt accumulation poses a significant risk to its economic stability.CONTINUE FULL READING>>>>>