Politics
Fresh World Bank $1.25bn loan: Tinubu administration is mortgaging the future of unborn Nigerians — Atiku
Former Vice President, Atiku Abubakar, has criticised reports that President Bola Tinubu’s administration is in discussions with the World Bank for a fresh $1.25 billion loan facility, describing the move as “reckless, opaque and dangerously habitual.”
In a statement issued on Sunday in Abuja through his media aide, Olusola Sanni, Atiku expressed concern over what he described as Nigeria’s growing dependence on external borrowing under the current administration.
He argued that despite repeated assurances of economic reforms and improved revenue generation, the reality on the ground remains unchanged, with citizens still facing worsening living conditions.
“This borrowing binge is becoming reckless, opaque and dangerously habitual,” he said, insisting that the loans have not translated into visible improvements in infrastructure, power supply, healthcare, or education.
Atiku further alleged that the administration’s borrowing pattern contradicts its claims of increased revenue generation, warning that Nigeria risks sliding deeper into debt dependency.
He also referenced Nigeria’s exit from the Paris Club debt under the Obasanjo–Atiku administration in 2005–2006, describing it as a product of fiscal discipline and international credibility, which he suggested is now being eroded.
“It is deeply ironic that the same nation which painstakingly exited the Paris Club debt trap… is now being dragged back into a fresh era of debt dependency,” he stated.
The former Vice President also criticised international lenders, including the World Bank, urging them to ensure stricter accountability and transparency before approving further loans.
“No responsible lender should ignore the warning signs,” he said, adding that borrowing without visible impact raises concerns about governance and fiscal discipline.
Atiku called on the Federal Government to publish a comprehensive breakdown of all loans secured since May 2023, including their terms, disbursement details, and project-level outcomes tied to the funds.
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