Former Vice President Atiku Criticizes New Bond Deal Amid Rising Debt and Energy Costs
Atiku Abubakar labeled a proposed Vienna-listed bond plan as evidence of a government expanding its borrowing appetite without explaining why record revenues failed to cut debt.
Former Vice President Atiku Abubakar described a government proposal to issue a Vienna-listed bond arrangement as a disturbing sign that Nigerian authorities are increasingly eager to borrow more money. Atiku alleged the administration has refused to provide a clear account of how record revenues, subsidy savings, and windfalls from higher crude oil prices have been handled. He stated it is indefensible for factories to spend up to half their operating costs just to keep lights on while the government seeks overseas financing without explaining why improved earnings have not reduced its debt reliance. In a statement issued through Senior Special Assistant Phrank Shaibu, Atiku noted the contrast is stark as manufacturers struggle with diesel prices exceeding 2,000 Naira per litre, which cripples power costs. The former vice president called this the central contradiction Nigerians are entitled to question, pointing out that while the government claims revenues are up and subsidies saved enormous sums, borrowing continues to accelerate as ordinary citizens face affordability struggles.
