Tinubu’s proposed $500m loan will burden my incoming government — Atiku

Former Vice-President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticised the Tinubu administration over its proposed $500 million World Bank loan, accusing the outgoing government of attempting to saddle its successor with additional debt shortly before the 2027 presidential handover.

Atiku called on the World Bank not to approve the proposed facility on its current timetable, insisting that Nigerians deserved full disclosure of the loan’s terms, risks and repayment obligations before any commitment was made.

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

Atiku argued that an administration approaching the end of its tenure should not enter into fresh borrowing arrangements that could impose financial obligations on the next government.

“No outgoing president has the right to burden his successor with fresh debt days before handing over power,” he said.

Describing the country’s borrowing pattern as excessive, the former vice-president warned that continued dependence on loans could undermine Nigeria’s economic independence and constrain future governments.

“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 stated.

Atiku also accused the Tinubu administration of pursuing policies that had worsened economic hardship, arguing that the proposed borrowing could further complicate the country’s economic situation after the current government leaves office.

He maintained that an outgoing administration should not make major financial commitments that would restrict the policy choices of its successor.

According to him, the proposed $500 million facility is scheduled for consideration by the World Bank on May 25, 2027, four days before the next presidential inauguration scheduled for May 29.

He described the timing as inappropriate, insisting that President Bola Tinubu should not commit the country to additional borrowing so close to the end of his tenure.

Using a Swahili proverb to illustrate his concerns, Atiku said a leader who borrows shortly before leaving office could leave the incoming administration constrained by obligations imposed by creditors.

“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.

The ADC presidential candidate consequently appealed to the World Bank to reconsider the proposed approval timetable and make the details of the facility available for public scrutiny.

He said Nigerians should be allowed to examine the loan’s conditions, risks and repayment responsibilities before the country enters into any agreement.

Atiku also declared that, if elected in 2027, his administration would not begin its tenure by taking another loan, but would instead prioritise fiscal discipline and responsible management of public resources.

“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.

The proposed facility is part of a wider World Bank-backed infrastructure financing initiative known as the Nigeria Infrastructure Financing and De-Risking Platform for Growth and Jobs (INFRAGROW), which is designed to attract private investment into critical sectors of the Nigerian economy.

The proposed $500 million facility has not yet been approved by the World Bank. Its estimated consideration date remains May 25, 2027, according to reports on the financing proposal.

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