Arise Television anchor and former presidential aide, Reuben Abati, has expressed concern over Nigeria’s growing debt profile, warning that excessive borrowing could place a heavy burden on future generations.
Speaking on Arise Television’s Morning Show on Friday, Abati criticised the Federal Government’s continued reliance on external loans and called for greater transparency regarding the utilisation of previously obtained funds.
His comments followed President Bola Tinubu’s request to the National Assembly for approval to secure fresh external loans totalling $20.5 billion and €1.04 billion to finance key national projects.
Abati argued that Nigerians have not seen sufficient evidence of how earlier loans have translated into improved living conditions, infrastructure development or poverty reduction.
According to him, the government must provide a clear account of how borrowed funds have been spent before seeking additional financing.
“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,” he said.
The veteran journalist warned that continued borrowing without adequate accountability and efforts to reduce the cost of governance could leave future generations responsible for debts from which they derived little benefit.
He stressed the importance of transparency, fiscal responsibility and prudent management of public resources, especially at a time when many Nigerians are facing economic hardship.
Abati also called on lawmakers to carefully examine any borrowing request presented by the executive, insisting that the National Assembly should thoroughly assess the purpose, expected impact and repayment plan associated with new loans before granting approval.
His remarks add to the ongoing public debate surrounding the Federal Government’s latest borrowing proposal, with supporters arguing that the funds are needed for infrastructure and development projects, while critics caution against increasing the country’s debt burden.