Former Vice-President Atiku Abubakar has criticised the Tinubu administration’s proposed $500 million World Bank loan, describing it as a potential debt trap that could burden his anticipated government and future generations of Nigerians.
Latest: 2027 presidential election: candidates, running mates and campaign updates (live tracker)
Key Highlights
- Atiku says Tinubu’s proposed $500 million World Bank loan could burden the next government and future generations.
- The facility is reportedly scheduled for World Bank consideration on May 25, 2027, four days before the presidential inauguration.
- He wants the World Bank to reconsider the timetable and disclose the loan’s conditions, risks and repayment terms.
- The ADC candidate said an outgoing president should not take fresh loans days before handing over.
- Atiku pledged that his administration would not begin its tenure by taking another loan.
Atiku, the African Democratic Congress (ADC) presidential candidate, argued that an outgoing administration should not commit the country to fresh borrowing shortly before handing over power, insisting that such decisions could restrict the economic choices of its successor.
In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku accused the Tinubu government of pursuing loans without adequately explaining their terms, implications and repayment obligations to Nigerians.
He said: “No outgoing president has the right to burden his successor with fresh debt days before handing over power.”
The former vice-president further described the government’s borrowing approach as a potential path to economic bondage, warning against placing Nigeria’s financial future at the mercy of creditors.
Loan Slated for May 25, 2027
According to the statement, the proposed $500 million facility is scheduled for consideration by the World Bank on May 25, 2027, just four days before the next presidential inauguration.
Atiku questioned the timing of the proposed facility, arguing that an administration approaching the end of its tenure should not make significant borrowing commitments that would affect the incoming government.
He also linked the proposed loan to the broader economic policies of the Tinubu administration, which he accused of worsening hardship through reforms he said had imposed difficulties on Nigerians.
“The Tinubu administration’s latest move is a preemptive attempt to lock Nigeria into a path of economic instability, even after Nigerians have roundly rejected its poverty-inflicting reforms,” he said.
Atiku urged the World Bank to reconsider the proposed approval timetable, calling for full disclosure of the loan’s conditions, risks and repayment responsibilities.
He maintained that Nigerians should have the opportunity to scrutinise the proposed borrowing before any commitment is made on behalf of the country.
Read also:
- Tinubu Fires Back At Atiku, Questions How He Built University While In Office
- Can Atiku Still Contest in 2027? What the Court Ruling Means
- Atiku Still In 2027 Presidential Race Despite Court Ruling, ADC Chieftain Asserts
‘We Will Not Begin Our Government By Taking Another Loan’
Using a Swahili proverb, the ADC presidential candidate warned that borrowing could leave a successor constrained by the decisions and obligations of the lender.
“If you borrow a man’s legs, you will go where he directs,” he quoted the proverb as saying.
Atiku further declared that, if elected, his administration would not begin its tenure by taking another loan, but would prioritise fiscal discipline, responsible leadership and the protection of Nigeria’s economic future.
“The Atiku administration will commence on May 29, 2027, and we will not begin our government by taking another loan,” he stated.
He added that his proposed administration would focus on affordable living and policies aimed at improving the country’s economic conditions.
The controversy over the proposed facility comes amid continuing national debates over public borrowing, debt sustainability and the economic consequences of Nigeria’s financing decisions.
However, the concerns and objections expressed by Atiku represent his position on the proposed loan, while the World Bank’s scheduled consideration and the facility’s terms remain matters requiring further official clarification.
For more political news and updates, follow us on X.
