A Kano-based political commentator, Abbati Bako, has urged former Vice-President Atiku Abubakar to focus his criticism of President Bola Tinubu’s borrowing on the alleged misuse of funds rather than the volume of loans obtained by the Federal Government.
In an open letter to Atiku, Bako argued that borrowing was not inherently wrong, noting that developed economies such as the United States, Japan and the United Kingdom also relied on public debt to finance development.
“Your Excellency, with all respect, I beg you, do not mind the borrowing. Mind the stealing,” he wrote.
The former Kano State Independent Electoral Commission, KANSIEC, commissioner argued that Nigeria’s major problems were the high cost of borrowing, exchange-rate risks, lack of transparency and alleged diversion of public funds.
He said Nigeria should borrow to finance productive sectors such as agriculture, manufacturing, electricity and infrastructure rather than recurrent expenditure.
Bako also urged Atiku to present an alternative borrowing strategy ahead of the 2027 presidential election, including prioritising concessional loans, borrowing in naira for domestic projects and publishing detailed information about loan-funded projects.
“If you become President in 2027, you will also borrow. Do not tell Nigerians that you will not borrow. Tell them how you will borrow differently,” he advised.
He further called for stronger accountability measures to ensure that public officials found guilty of stealing borrowed funds were prosecuted regardless of their political affiliations.
Bako also disagreed with the description of Nigeria as a beggar nation, arguing that the country possessed abundant natural resources but suffered from poor management and excessive government expenditure.
“Borrowing is not sin. Borrowing to steal is sin. Borrowing to waste is sin,” he stated.
He said he would support any administration that used borrowed funds to improve infrastructure, create jobs and strengthen the economy, regardless of whether it was led by Tinubu or Atiku.
Don't mind Tinubu's borrowing, you will do same too - Bako tells Atiku