Atiku Slams Tinubu Over Proposed $500m World Bank Loan, Urges Rejection

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised President Bola Tinubu’s administration over its reported plan to secure a fresh $500 million loan from the World Bank.

Atiku argued that the outgoing administration should not commit Nigeria to additional borrowing shortly before the end of its tenure, leaving the incoming government and future generations to bear the repayment burden.

The former vice president made his position known in a statement that circulated on Tuesday, warning that the proposed borrowing could further worsen the country’s debt burden.

He maintained that no outgoing president should take major borrowing decisions capable of imposing fresh financial obligations on a successor government just days before handing over power.

Atiku also accused the Tinubu administration of mortgaging Nigeria’s future and called on the World Bank to reject the proposed facility.

“Taking loans as if you were a drunken sailor is a road to economic bondage, a second slavery. If this government is determined to mortgage Nigeria’s future and place our country at the mercy of creditors, we will not accept it,” he said.

According to Atiku, the proposed $500 million facility is scheduled for consideration on May 25, 2027, just four days before the next presidential inauguration. He argued that Tinubu should not commit the country to fresh debt so close to the transition of power.

“We call on the World Bank not to approve this proposed loan on the timetable now being contemplated,” he added.

Nigeria’s total public debt stood at approximately N166.79 trillion as of June 2026, according to figures from the Debt Management Office (DMO).

The country’s rising debt profile has continued to attract concerns from financial experts, including Professor Godwin Oyedokun, who have called for caution in the management of public borrowing.

However, the Tinubu administration has maintained that Nigeria’s debt remains sustainable, despite criticism over the country’s growing financial obligations.