Former Vice-President and African Democratic Congress presidential candidate, Atiku Abubakar, has criticised the administration of President Bola Tinubu over plans to secure a proposed $500 million loan from the World Bank, arguing that an outgoing government should not commit the country to fresh borrowing shortly before leaving office.
Atiku maintained that Tinubu had no justification for taking on additional financial obligations towards the end of his tenure, warning that such a decision would impose repayment responsibilities on the incoming administration and Nigerians.
He argued that the next government should not be compelled to inherit debts contracted without adequate consideration of its policies and priorities.
In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku described the proposed borrowing as an attempt to place further economic pressure on the country. He said: “No outgoing president has the right to burden his successor with fresh debt days before handing over power.
“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.
“The ADC presidential candidate further argued that Nigerians needed a change in economic direction, insisting that the country required leadership focused on reducing the cost of living rather than accumulating loans. He said: “On January 16, Nigerians will vote for a new direction: a government that puts affordable living first, not one that keeps pursuing loans whose terms and consequences have not been clearly explained to the people.
“According to Atiku, the proposed facility reflects an attempt by the Tinubu administration to commit the country to financial obligations despite widespread opposition to its economic policies. He accused the government of pursuing decisions that could complicate governance for its successor, adding: “The Tinubu administration’s latest move is a preemptive attempt to lock Nigeria into a path of economic instability, even after Nigerians have roundly rejected its poverty inflicting reforms. A government cannot use its final days in office to bind the country and make governance more difficult for its successor.
“Providing details of the proposed transaction, Atiku said reports indicated that the $500 million loan would be presented for consideration on May 25, 2027, barely four days before the next presidential inauguration scheduled for May 29. He questioned the timing of the proposed borrowing, maintaining that the outgoing administration should not undertake fresh financial commitments so close to the transition of power. He said: “According to the report, the proposed $500 million facility is scheduled for consideration on May 25, 2027, just four days before the next presidential inauguration. President Tinubu has no business committing the country to fresh debt as he prepares to leave office.
“Drawing on a Swahili proverb, the former vice-president warned that excessive borrowing could undermine the independence of an incoming government by placing it at the mercy of creditors. He said: “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 also appealed to the World Bank to reconsider the proposed timeline for approving the facility, calling for transparency regarding the loan’s conditions and potential implications for the country’s finances. Atiku insisted that Nigerians must be allowed to examine the agreement and understand its long-term repayment obligations before any commitment is made. He said: “We call on the World Bank not to approve this proposed loan on the timetable now being contemplated. Nigerians deserve full disclosure of its terms, risks and repayment obligations, and the opportunity to scrutinise a commitment that will outlast the administration pursuing it.
“Reaffirming his position on the proposed borrowing, Atiku said an administration under his leadership would prioritise fiscal responsibility and avoid beginning its tenure with additional loans. He maintained that his proposed government would focus on financial discipline and protecting the country’s economic future. He declared: “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.”
