Abati warns Nigeria borrowing into slavery as Tinubu seeks fresh $20.5bn loan
Arise News anchor Reuben Abati raised alarm Friday on national television over Nigeria's escalating debt under President Tinubu, declaring the country is "borrowing itself into slavery." Speaking on Arise TV's Morning Show, the former presidential aide said the federal government has not accounted for previous loans and is now requesting fresh external borrowing of $20.5 billion and €1.04 billion despite widespread hardship.
Abati argued Nigerians have yet to feel the impact of existing loans, with funds disappearing without reducing poverty or fixing infrastructure. He warned that without accountability and cuts to governance costs, future generations will repay loans they never benefited from. "We cannot continue to borrow without accounting for previous loans," he said, urging the National Assembly to thoroughly scrutinize any executive loan request rather than rubber-stamping approvals.
The fresh loan request comes as Tinubu formally seeks National Assembly approval for the $20.5bn and €1.04bn package. Previous borrowing rounds have drawn similar criticism for opaque utilization and limited visible development impact. Transport, power, and healthcare infrastructure remain deficient despite years of multibillion-dollar external debt accumulation.
Debt service already consumes over 90% of federal revenue. With the new request, Nigeria's total external debt would climb further, intensifying pressure on the naira and limiting fiscal space for social spending.
Will the National Assembly demand detailed project-by-project breakdowns and repayment plans before approving this loan—or will it become another unaccounted liability for your children to inherit?