$2.2bn Loan: Focus On Constructive Criticism, Not Assumptions – Arewa Group knocks Atiku

ABUJA – The Arewa Professionals for Democracy and Development (APDD) has cautioned former Vice President Atiku Abubakar over his criticism of the recent $2.2 billion foreign loan request approved for President Bola Tinubu by the National Assembly.

The group criticized Atiku, the 2023 Peoples Democratic Party (PDP) presidential candidate, for his comments suggesting the loan could be mismanaged or embezzled.

APDD described the remarks as lacking a broader understanding of economic management and urged Atiku to differentiate between constructive criticism and baseless accusations.

The Northern group highlighted the potential benefits of the loan, arguing that when properly managed, such borrowing can drive economic growth, create jobs, and improve public services.

It accused Atiku of trivializing the strategic intent behind the loan and overlooking efforts by the Tinubu administration to ensure transparency and accountability in its utilization.

The group also noted that Atiku’s comparison of exchange rates and his claims of poorly negotiated terms ignored the complexities of international finance and the government’s ongoing reforms in revenue collection through agencies like the Federal Inland Revenue Service (FIRS) and Customs.

In its statement signed by its President, Engineer Moses Odaudu, APDD criticized Atiku for referencing Nigeria’s exit from foreign debt under the Obasanjo administration, alleging that he omitted key details about his role in that period.

The group further suggested that Atiku’s repeated electoral losses and age may have diminished his capacity to contribute meaningfully to national discourse, advising him to reconsider his involvement in politics.

The statement added, “The criticism of the foreign loan ignores key aspects of economic management and development. While it is important to scrutinize government actions, it is equally important to consider the broader context and potential benefits of these loans.

“When properly managed and invested in critical infrastructure and development projects, the loans can stimulate economic growth, create jobs, and improve public services. However, the loans were blatantly trivialized by asserting that they are ‘bone-crushing’ and bring ‘insufferable pressure’ on the economy.

“The criticism overlooked the complexities of international finance and the strategic decisions involved in securing favourable terms of borrowing. It also ignored efforts to boost revenue collection through reforms in the Federal Inland Revenue Service (FIRS) and Customs as part of a broader strategy to enhance fiscal stability.

“Referencing the administration of President Obasanjo, under which the country exited foreign indebtedness, is misleading without revealing the full truth.

“The trauma of serial losses at the polls and advanced age imply a diminished mental acuity for analyzing national issues. It is time to quit politics and refrain from intervening in national issues to avoid leading Nigerians astray.”