Group Knocks Atiku Over Criticism of Tinubu’s Borrowing Policy
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Group Knocks Atiku Over Criticism of Tinubu’s Borrowing Policy
By Alabidun Shuaib AbdulRahman
The Democratic Front, TDF has faulted former Vice President Atiku Abubakar over his criticism of the Federal Government’s borrowing policy, describing his comments as mischievous and lacking a proper understanding of Nigeria’s infrastructure needs.
The group said Atiku’s assessment of the Tinubu administration’s borrowing strategy was based on what it called “narrow and short-sighted metrics” that failed to take into account the country’s huge infrastructure deficit and the funding required to address it.
In a statement issued and signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, TDF argued that Nigeria requires substantial annual investment in infrastructure to stimulate economic growth and improve productivity.
The group cited a recent analysis by the Independent Media and Policy Initiative, which estimated that Nigeria would need to spend at least $14.2bn annually for 10 years to significantly bridge its infrastructure gap.
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According to TDF, the Federal Government’s decision to seek foreign loans for infrastructure projects was informed by the need to tackle decades of underinvestment that have contributed to unemployment, poverty and low productivity.
“We wonder where Atiku Abubakar expects Nigeria to generate such a humongous amount of money without massively increasing taxes,” the statement read.
The group maintained that many of the loans secured by the administration were tied to major infrastructure projects, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Lagos Green Line Rail project, Kano Metro Rail and Kaduna Light Rail System.
It argued that such projects would generate economic returns capable of supporting loan repayments while easing pressure on government revenues.
TDF also accused the former vice president of overlooking the infrastructure challenges that persisted during the administration in which he served between 1999 and 2007.
The group claimed that despite rising oil revenues during that period, capital spending remained relatively low, while critical sectors such as power, transportation and road infrastructure suffered from inadequate investment.
“It is surprising that the former vice president is condemning efforts aimed at reducing Nigeria’s infrastructure deficit through loans tied to strategic national projects when the administration he served failed to adequately address those challenges,” the group stated.
The organisation further referenced a policy statement by IMPI, which it said ranked the Tinubu administration among the highest spenders on infrastructure in Nigeria’s recent history.
According to TDF, the policy group’s report indicated that no administration since 1999 had committed as much funding to infrastructure development as the current government.
The group also dismissed arguments that savings from the removal of fuel subsidy could solely fund the nation’s infrastructure requirements, insisting that borrowing remained necessary to bridge existing financing gaps.
TDF urged Nigerians to support ongoing efforts to expand infrastructure across the country, arguing that the projects would enhance economic growth, create jobs and improve living standards.
The group also called on voters to disregard what it described as politically motivated criticisms of the government’s economic policies ahead of future elections.
