Former Vice President Atiku Abubakar has criticised the approval of a $4.5 billion refinancing arrangement for an oil-backed loan belonging to the Nigerian National Petroleum Company Limited (NNPCL), warning that the decision could further worsen Nigeria’s economic challenges.
Atiku, through a statement issued on Wednesday in Abuja by his Senior Special Assistant on Public Communication, Phrank Shaibu, described the move as another example of what he termed excessive reliance on borrowing by the administration of President Bola Ahmed Tinubu.
The former Vice President, who is the presidential candidate of the African Democratic Congress (ADC), alleged that the government was committing the country’s future resources to address present financial pressures instead of creating sustainable economic growth.
He argued that continuous borrowing backed by crude oil earnings could leave Nigeria trapped in a cycle where future revenues are diverted toward settling existing obligations.
Atiku recalled that the Presidency had recently defended itself against allegations concerning an unexplained ₦17 trillion increase in crude oil earnings, stating that Nigeria could not fully benefit from rising global oil prices because future oil revenues had already been pledged for loan repayments.
Reacting to the explanation, Atiku said the government should have reconsidered its dependence on oil-backed financing rather than approving another refinancing agreement.
He questioned the rationale behind securing additional loans despite various government measures aimed at increasing revenue generation, accusing the administration of allowing debt accumulation to become a major feature of its economic policies.
According to him, Nigerians have continued to endure difficult economic conditions without seeing corresponding improvements, adding that the sacrifices citizens have made have not translated into meaningful relief.
Atiku also criticised the President Tinubu-led government’s “Renewed Hope” agenda, claiming that Nigerians have instead experienced rising financial obligations, increased hardship and uncertainty.
He alleged that the administration’s economic approach had created a situation where borrowing had become a routine solution to fiscal challenges, with future generations likely to bear the consequences.
The former Vice President called on the Federal Government to make public the full details of the refinancing deal, including repayment terms, financial commitments and the quantity of crude oil pledged under the agreement.
He stressed that Nigerians deserve transparency and accountability regarding decisions involving national resources, insisting that public assets must be protected and managed in the interest of the country.
Atiku urged the government to adopt policies that promote economic stability, reduce dependence on loans and ensure that Nigeria’s natural resources are preserved for future development.
He maintained that sustainable leadership requires responsible financial management, openness and decisions that prioritise the long-term welfare of citizens over short-term solutions.
