Atiku Rejects Tinubu’s Proposed $500m World Bank Loan, Says Successor Must Not Inherit Fresh Debt

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the President Bola Tinubu-led administration over its proposed $500 million World Bank loan, insisting that an incoming government should not be burdened with fresh borrowing shortly before assuming office.

Atiku declared that his administration, which he said would commence on May 29, 2027, would not begin its tenure by taking another loan.

He made the position known in a statement issued by the Director of Strategic Communication of the ADC Presidential Campaign Council, Phrank Shaibu.

The former vice president argued that an outgoing president should not commit the country to additional debt shortly before handing over power, leaving the incoming administration and Nigerians to shoulder the repayment obligations.

“No outgoing president has the right to burden his successor with fresh debt days before handing over power. I will not accept it,” Atiku stated.

He further pledged that his proposed administration would prioritise responsible leadership, fiscal discipline and the protection of Nigeria’s economic future.

According to him, excessive borrowing could expose the country to prolonged economic difficulties and limit the choices available to future governments.

“Taking loans as if you were a drunken sailor is a road to economic bondage, a second slavery,” he said.

The ADC chieftain also questioned the timing of the proposed facility, noting that, according to the report cited in the statement, the $500 million loan was scheduled for consideration on May 25, 2027, four days before the next presidential inauguration.

Atiku described the proposed arrangement as an attempt to commit the country to financial obligations that would extend beyond the tenure of the administration seeking the loan.

The statement further argued that Nigerians deserved full disclosure of the loan’s terms, risks and repayment obligations before any decision was taken.

It also called on the World Bank to reconsider the proposed timetable and allow adequate scrutiny of the facility.

The statement urged Nigerians to support what it described as a new direction focused on affordable living, responsible economic management and transparency in public borrowing.