Atiku: Under Tinubu, debt has become a policy

The Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticised the National Economic Council's (NEC) approval of a $4.5 billion refinancing of the Nigerian National Petroleum Company (NNPC) Limited's oil-backed loan, describing the move as evidence that the Tinubu administration is relying excessively on debt to finance government activities.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that each new oil-backed obligation commits more of Nigeria's future oil revenues to debt repayment rather than national development.

He recalled that the Presidency recently responded to his concerns over what he described as an unexplained crude oil windfall by stating that Nigeria could not fully benefit from high global oil prices because future crude earnings had already been committed to servicing oil-backed foreign loans. According to Atiku, the latest refinancing decision reinforces that explanation rather than addressing the underlying issue.

He questioned why the government continues to seek additional borrowing despite implementing major economic reforms, including the removal of fuel subsidies, the introduction of new taxes, and increased revenue from crude oil sales.

According to Atiku, the administration has continued to accumulate debt instead of using increased revenues to strengthen public finances and reduce borrowing. He argued that this approach places a growing financial burden on future generations.

He also maintained that Nigerians have endured significant economic hardship as a result of government reforms but have yet to experience the expected economic benefits. In his view, the continued reliance on borrowing undermines the objectives of those reforms.

Atiku further criticised President Bola Tinubu's economic management, alleging that borrowing has become a defining feature of the administration's fiscal policy. He said Nigeria requires leadership that protects national assets and manages public finances responsibly rather than relying on debt secured against future oil production.

He called on the Tinubu administration to publish the full details of the refinancing arrangement, including its terms, repayment obligations, and the volume of crude oil committed under the agreement.

According to Atiku, Nigerians deserve greater transparency and accountability regarding the country's borrowing decisions and the management of its natural resources.