Tinubu’s $500m loan will burden my govt — Atiku

Former Vice-President Atiku Abubakar has vowed that his proposed administration will not inherit or accept a planned $500m World Bank loan being pursued by President Bola Tinubu’s government, describing the move as an attempt to saddle a successor with fresh debt.

Atiku, the African Democratic Congress presidential candidate, also urged the World Bank to suspend consideration of the proposed facility until Nigerians are given full details of its terms, risks and repayment obligations.
In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, the former vice-president accused the Tinubu administration of attempting to commit the country to additional borrowing shortly before the next presidential inauguration.

He argued that an outgoing president should not take decisions that could constrain the financial and policy choices of an incoming government.
“Taking loans as if you were a drunken sailor is a road to economic bondage, a second slavery,” Atiku said.
“If this government is determined to mortgage Nigeria’s future and place our country at the mercy of creditors, we will not accept it.”
Atiku described the proposed borrowing as an attempt to lock Nigeria into further economic obligations, insisting that the government should explain the facility's implications to citizens before proceeding.

He said, “A government cannot use its final days in office to bind the country and make governance more difficult for its successor.”
According to the statement, the proposed $500m facility is scheduled for consideration on May 25, 2027, four days before the next presidential inauguration.
The former vice-president questioned the timing, arguing that the Tinubu administration should not commit the country to fresh borrowing so close to the end of its tenure.

Using a Swahili proverb to reinforce his position, Atiku said, “If you borrow a man’s legs, you will go where he directs.”
He added that a president who takes loans while leaving office could restrict the ability of a successor to make independent decisions.
“We call on the World Bank not to approve this proposed loan on the timetable now being contemplated,” he said.
“Nigerians deserve full disclosure of its terms, risks and repayment obligations, and the opportunity to scrutinise a commitment that will outlast the administration pursuing it.”

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

He promised that his proposed government would prioritise responsible leadership, fiscal discipline and the protection of Nigeria's economic future.