President Tinubu says worst is over in 2nd anniversary broadcast as Atiku slams midterm performance, “Nigeria must not be sold into debt slavery”, he warned

President Bola Ahmed Tinubu has declared that Nigeria has made “undeniable progress” under his leadership as he marked the second anniversary of his administration on May 29th, 2025.

In a nationwide speech, the President highlighted major economic reforms, including the removal of fuel subsidies and foreign exchange liberalisation, saying both were crucial to saving the nation from economic collapse.

He noted that inflation is easing, food prices are stabilising, and the economy is growing again—with real GDP up 3.4% in 2024. Nigeria’s external reserves also grew fivefold, while IMF debts were fully repaid.

On taxation, President Tinubu announced a jump in the tax-to-GDP ratio from 10% to 13.5% and reaffirmed policies to shield low-income Nigerians by exempting essentials like food, rent, and healthcare from VAT.

In security, he praised the armed forces for reclaiming territories and restoring farming and safe travel in areas once controlled by bandits.

On healthcare and education, Tinubu listed the revitalisation of over 1,000 primary health centres, the launch of student loans, and bold investments in youth empowerment and digital innovation.

He also confirmed preparations for the upcoming Motherland Festival, a celebration of Nigeria’s heritage and unity with the African diaspora.

Concluding his message, President Tinubu assured Nigerians that the worst is over, urging continued unity and optimism as his administration works to build a “stronger, more inclusive Nigeria.”

But former Vice President Atiku Abubakar has criticised the administration’s scorecard, declaring the government a failure and accusing it of plunging Nigeria into a deepening debt crisis.

The 2023 presidential candidate of the Peoples Democratic Party (PDP) made his remarks in two separate posts on his official X (formerly Twitter) platform on Thursday.

Atiku, in the posts shared, described the administration as “one of the most incompetent, disconnected, and anti-people governments in Nigeria’s democratic history.”

He further declared that “no previous administration has inflicted this level of hardship on the masses while showing such disregard for transparency, accountability, and responsible leadership.”

According to him, the Tinubu government has “not only deepened poverty across the country,” but has also “set new records in wasteful public spending.”

And refferencing the 2024 Global Hunger Index, the Waziri Adamawa claimed that Nigeria now ranks 18th globally for hunger and malnutrition, overtaking war-torn Sudan as the African country with the highest number of malnourished children.

He also raised the alarm over the rising cost of public services, highlighting recent hikes in identity registration and university tuition fees.

“Policy after policy under this administration has targeted the poor while providing relief and advantage to the rich,” he said.

“Just two weeks ago, the National Identity Management Commission (@nimc_ng) hiked its fees by 75%, introducing VIP protocols for services that should be a basic right of citizenship.

“In education, public university fees have been raised far beyond the reach of poor families, with no adequate support mechanisms in place,” he said.

Furthermore, he criticised the government’s fiscal policy, accusing it of irresponsible borrowing. “When President Tinubu assumed office in 2023, Nigeria’s total public debt stood at approximately N49 trillion. In just two years, that figure has skyrocketed to N144 trillion — a 150% increase — with more foreign loans now being requested, which could push the debt to N183 trillion,” he stated.

In a follow-up post, Atiku focused exclusively on the debt issue, calling Tinubu’s borrowing pattern “a reckless and dangerous move that threatens the future of Nigeria and generations yet unborn.”

He warned that the administration’s plan to borrow over $24 billion in foreign currencies would push Nigeria’s total debt beyond N183 trillion — more than 60% of the country’s total foreign exchange reserves. “This is not just unsustainable — it is immoral,” Atiku penned.

“The Tinubu administration is borrowing money not for development but to service existing loans, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs,” he posited.

Describing the borrowing strategy as a “Ponzi scheme,” Atiku added, “This addiction to borrowing, entrenched under the APC-led administration and now accelerated by President Tinubu, has turned public finance into a Ponzi scheme — borrowing to pay debt, then borrowing again to pay interest. Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past.
We warn that this is economic sabotage in plain sight.”

The former presidential candidate called for immediate intervention, calling on lawmakers, civil society groups, the media, and the international community to take action.

“We demand that this reckless borrowing plan be halted immediately,” he declared, adding, “Nigeria must not be sold into debt slavery.”

He also warned that a one-party system will not be tolerated. “As opposition leaders and partners committed to the future of Nigeria, we will not stand by and watch democracy be reduced to a tool for elite control. We reject any attempt to turn Nigeria into a one-party state where dissent is silenced and power is abused.”

Atiku reaffirmed the opposition’s resolve to challenge what he described as the administration’s excesses and undemocratic tendencies. “We are building a strong, united opposition coalition — one that will challenge the excesses of this administration, restore accountability, and return government to the people.”