Former Vice-President Atiku Abubakar has kicked against President Bola Tinubu’s proposed $500 million World Bank loan, warning that the move could saddle his incoming administration with fresh debt barely days before taking over power.
Atiku accused the Tinubu administration of attempting to commit Nigeria to another huge financial obligation towards the end of its tenure, insisting that an outgoing government should not impose fresh borrowing commitments on its successor.
In a statement issued by Phrank Shaibu, Director of Strategic Communication of the African Democratic Congress (ADC) Presidential Campaign Council, Atiku described the proposed facility as a potential trap for the next administration.
He argued that the loan, reportedly scheduled for consideration by the World Bank on May 25, 2027, would come just four days before the May 29 presidential inauguration.
The former vice-president warned that such a commitment could limit the financial choices of the incoming government and leave Nigerians with repayment obligations they had no opportunity to scrutinise.
He accused Tinubu’s government of excessive borrowing, arguing that the country should not continue accumulating debts without adequate public disclosure of their terms, risks and long-term consequences.
Atiku also called on the World Bank to halt consideration of the proposed facility until Nigerians are given full details of the agreement and its implications.
Using a Swahili proverb, he warned that borrowing from another person could leave the borrower at the mercy of the lender, arguing that a government taking loans while preparing to leave office could restrict the freedom of its successor.
He further criticised the Tinubu administration’s economic reforms, accusing them of worsening hardship and insisting that Nigeria needed a change in economic direction.
Atiku declared that his administration, which he said would commence on May 29, 2027, would not begin by taking another loan.
Instead, he promised to prioritise fiscal discipline, responsible leadership and the protection of Nigeria’s financial future.
The former vice-president’s comments have brought the proposed $500 million facility into the centre of the political debate over Nigeria’s mounting debt and the financial obligations awaiting the next administration.
