Former Vice President Atiku Abubakar has strongly criticized President Bola Ahmed Tinubu's administration over its reported plan to secure a $1.25 billion loan from the World Bank, describing the move as economic vandalism. Atiku expressed deep concern that the borrowing spree continues despite stagnant economic conditions for Nigerians.
Atiku Condemns Excessive Borrowing
Atiku Abubakar reacted to reports that the Tinubu administration is in discussions with the World Bank for another loan facility. Legit.ng reported that Nigeria requested the $1.25 billion loan for reforms, job creation, and competitive enhancement. Atiku stated that it is troubling and unconscionable that an administration which promised economic renewal has instead become synonymous with industrial-scale borrowing, without any corresponding improvement in the daily lives of Nigerians.
He emphasized that if the loan request is granted, it would rank among Tinubu's largest fresh borrowings. The African Democratic Congress chieftain lamented that Nigeria's debt burden continues to spiral under Tinubu's administration. This was disclosed in a statement issued through Atiku's Media Aide, Olusola Sanni, and made available to Legit.ng on Sunday, May 17, 2026.
Atiku's Statement on Loan Recklessness
“This borrowing binge is becoming reckless, opaque, and dangerously habitual. The loans are coming with a burden of weight too heavy for Nigerians to bear. Nigerians were told these loans were for infrastructure, power, and economic recovery. Yet the average citizen still lives in darkness, roads remain death traps, businesses are collapsing under crushing energy costs, and hunger has become a national epidemic,” Atiku said.
He repeated his position on the economic merit of the Tinubu administration's ravenous policy on foreign debt. “It is deeply ironic that the same nation which painstakingly exited the Paris Club debt trap through fiscal discipline, diplomatic credibility, and reform-driven leadership of the Obasanjo-Atiku administration in 2005–2006 is now being dragged back into a fresh era of debt dependency,” he added.
Atiku Demands Transparency
Atiku urged the Federal Government to provide Nigerians with a full account of all loans secured since assuming office. He called on Tinubu's government to provide the people with the terms attached to the loans, disbursement status, and concrete project outcomes tied to each facility. He noted that between May 2023 and now, the Tinubu administration has obtained record massive loans from the World Bank under objectives that are difficult to verify.
Nigeria's Debt Situation
Recall that Nigeria spent over N2.28 trillion on domestic debt service, with interest payments alone more than 80%. External debt service reached $1.80 billion, dominated by commercial obligations at $1.39 billion. Multilateral lenders like the International Development Association and the African Development Bank lead the lending.
Meanwhile, Legit.ng also reported that President Tinubu asked the Senate to approve a fresh $516 million loan from Deutsche Bank to fund sections of the Sokoto–Badagry Super Highway. The 1,000-kilometre project is designed to connect Nigeria's North-West and South-West, cutting travel time between Sokoto and Lagos almost in half. Lawmakers say the highway could be a major boost to trade, food security, and national integration.
