Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the President Bola Tinubu-led administration over its reported plan to secure a $500 million loan from the World Bank, warning against imposing additional debt obligations on an incoming government.
Atiku argued that an outgoing president should not commit the country to fresh borrowing shortly before leaving office, insisting that such decisions could place an unnecessary financial burden on his successor and the Nigerian people.
In a statement issued by the Director of Strategic Communication of the ADC Presidential Campaign Council, Phrank Shaibu, the former vice president described the country’s continued borrowing as a dangerous path towards economic dependence and instability.
He said: “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.”
Atiku further criticised the Tinubu administration’s economic policies, arguing that the proposed loan could further worsen the country’s financial situation.
He maintained that Nigerians deserved a government that prioritised affordable living conditions rather than continued borrowing without adequate public explanation of the terms and implications.
According to him, the proposed facility represented an attempt to commit the country to long-term financial obligations shortly before the end of the current administration.
Atiku said reports indicated that the $500 million loan was scheduled for consideration on May 25, 2027, just four days before the next presidential inauguration.
He questioned the timing of the proposed borrowing, insisting that President Tinubu should not make fresh financial commitments on behalf of the country so close to leaving office.
Using a Swahili proverb to illustrate his concerns, the former vice president said: “If you borrow a man’s legs, you will go where he directs.”
He argued that a government that secures loans towards the end of its tenure could leave its successor constrained by financial obligations and decisions that were not freely chosen by the incoming administration.
The ADC presidential candidate also appealed to the World Bank not to approve the proposed facility within the reported timeframe.
He called for full disclosure of the loan’s terms, risks and repayment obligations, stressing that Nigerians should be given the opportunity to scrutinise any financial commitment that would extend beyond the tenure of the administration seeking it.
Atiku further declared that his administration, which he said would commence on May 29, 2027, would not begin its tenure by securing 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. We will begin with a commitment to responsible leadership, fiscal discipline and the protection of Nigeria’s future,” he stated.
