Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the Federal Government’s proposed $500 million World Bank loan, describing it as a potential debt trap for his incoming administration.
Atiku, in a statement issued by his Director of Strategic Communication, Phrank Shaibu, accused President Bola Tinubu of attempting to saddle his successor and Nigerians with additional debt shortly before leaving office.
He argued that an outgoing president should not commit the country to fresh borrowing in the final days of his administration, insisting that such decisions could constrain the economic choices of the next government.
Atiku described the Tinubu administration’s borrowing pattern as economically dangerous, warning that excessive loans could plunge Nigeria into further financial difficulties.
“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.
The former Vice-President maintained that Nigerians would vote for a new direction in the January 16, 2027 presidential election, promising an administration focused on affordable living and responsible economic management.
He also accused the Tinubu government of pursuing what he described as poverty-inducing economic reforms, arguing that its latest borrowing plan could undermine the next administration.
Atiku specifically questioned the timing of the proposed loan, saying reports indicated that the $500 million facility was scheduled for consideration by the World Bank on May 25, 2027, just four days before the May 29 presidential inauguration.
According to him, the timing raises serious concerns about the propriety of an outgoing administration committing the country to fresh financial obligations so close to the transfer of power.
He invoked a Swahili proverb to illustrate the dangers of borrowing, saying a leader who incurs debt towards the end of his tenure could leave his successor with limited economic independence.
“As the Swahili proverb warns, ‘If you borrow a man’s legs, you will go where he directs.’ A leader who borrows on his way out leaves his successor walking on the lender’s legs, constrained by obligations and choices the people did not make,” he said.
Atiku consequently appealed to the World Bank not to approve the proposed facility under the current timetable, demanding full disclosure of its terms, risks and repayment obligations to enable Nigerians scrutinise the commitment.
He further declared that his administration, if elected in 2027, would not commence governance with additional borrowing.
“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. We will begin with a commitment to responsible leadership, fiscal discipline and the protection of Nigeria’s future,” he said.
