Atiku Sounds Alarm Over Tinubu’s $500m Loan, Warns of Debt Trap for Incoming Government

Former Vice-President Atiku Abubakar has criticised President Bola Tinubu’s administration over its proposed $500 million World Bank loan, warning that the move could saddle Nigeria’s next government with fresh financial obligations before taking office.
Atiku, the presidential candidate of the African Democratic Congress (ADC), described the proposed borrowing as an attempt to mortgage the country’s future and constrain the administration that will succeed Tinubu in 2027.
In a statement issued by his Director of Strategic Communications, Phrank Shaibu, Atiku argued that an outgoing president should not commit the country to fresh debts shortly before handing over power.
He accused the Tinubu administration of excessive borrowing, warning that the consequences would ultimately be borne by Nigerians and the incoming government.
“No outgoing president has the right to burden his successor with fresh debt days before handing over power,” Atiku said.
He further likened the government’s borrowing approach to economic bondage, insisting that Nigeria could not continue accumulating loans without adequate transparency and accountability.
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 on May 29.
Atiku described the timing as particularly troubling, arguing that the Tinubu administration had no justification for committing the country to additional borrowing so close to the end of its tenure.
The former vice-president also called on the World Bank to reconsider the proposed timetable, demanding full disclosure of the loan’s terms, risks and repayment obligations before any approval.
He maintained that Nigerians deserved to know the implications of the borrowing arrangement, particularly given the country’s existing debt burden and the economic difficulties facing households.
The ADC presidential candidate further questioned the administration’s continued reliance on external loans despite its claims of increased government revenue and savings following the removal of the petrol subsidy.
He warned that his administration, if elected in 2027, would not accept what he described as questionable financial commitments inherited from the outgoing government.
“I will not accept it. The Atiku administration will commence on May 29, 2027, and we will not begin our government by taking another loan,” he said.
Instead, Atiku promised to prioritise responsible leadership, fiscal discipline and the protection of Nigeria’s economic future.
He urged the World Bank and other stakeholders to ensure that any borrowing arrangement involving Nigeria was subjected to proper scrutiny, warning that decisions taken by the outgoing administration could have lasting consequences for future generations.