Arise News anchor, Reuben Abati, has expressed concern over Nigeria’s rising debt profile under President Bola Tinubu’s administration, warning that the country risks mortgaging its future through continuous borrowing.
Speaking on Friday during Arise Television’s Morning Show, Abati said the pace at which the government was securing loans could place an increasing financial burden on future generations.
The former presidential aide criticised the Federal Government over what he described as a lack of transparency in the utilisation of previous loans, noting that the government was seeking fresh borrowings worth billions of dollars despite the economic hardship facing Nigerians.
Abati lamented that many Nigerians were yet to feel the impact of the loans already obtained, arguing that there was insufficient evidence of their benefits in poverty reduction, infrastructure development and improved living conditions.
He warned that continued borrowing without proper accountability and a reduction in the cost of governance could leave future generations repaying debts without benefiting from the projects they were intended to finance.
“Nigeria is borrowing itself into slavery. We cannot continue to borrow without accounting for previous loans. The government must tell Nigerians what they are using these loans for. We have to be careful not to mortgage the future of this country,” Abati said.
He also called on the National Assembly to thoroughly scrutinise loan requests from the executive arm of government, urging lawmakers to examine the purpose of each loan and its repayment plan before granting approval.
Abati’s remarks followed President Bola Tinubu’s request for the National Assembly’s approval of fresh external loans amounting to $20.5 billion and €1.04 billion.
The development has renewed concerns over Nigeria’s debt sustainability, transparency in public spending and the need to ensure that borrowed funds translate into tangible benefits for citizens.