Tinubu’s $500m Loan a Debt Trap for My Incoming Administration – Atiku

Former Vice-President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has condemned the Tinubu administration’s proposed $500 million World Bank loan, describing it as a debt trap for his incoming administration.

Atiku argued that President Bola Tinubu should not commit the country to fresh borrowing shortly before the end of his tenure, leaving the burden of repayment to an incoming government and the Nigerian people.

In a statement issued by his Director of Strategic Communication, Phrank Shaibu, Atiku criticised what he described as excessive borrowing by the Tinubu administration, warning that the proposed facility could further undermine Nigeria’s economic stability.

He maintained that an outgoing president has no right to impose additional financial obligations on his successor shortly before handing over power.

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

The former vice-president also expressed concern over the terms and implications of the proposed loan, insisting that Nigerians deserve full disclosure of its conditions, risks and repayment obligations.

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

Atiku consequently called on the World Bank not to approve the loan under the proposed timeline, stressing the need for transparency and public scrutiny before any such financial commitment is made on behalf of the country.

He further declared that his proposed administration, which he said would commence on May 29, 2027, would not begin its tenure 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 stated.

Atiku added that his proposed government would prioritise affordable living, responsible leadership and economic stability.