Tinubu’s $500m loan a debt trap for my incoming govt – Atiku

Former Vice-President Atiku Abubakar has condemned President Bola Tinubu’s proposed $500 million World Bank loan, warning that fresh borrowing shortly before the 2027 presidential inauguration could burden the next administration and urging the bank to reject the request.

Former Vice-President Atiku Abubakar has condemned President Bola Tinubu’s proposed $500 million World Bank loan, warning against burdening Nigeria’s next administration with fresh debt.

According to DAILY TRUST, Atiku made the remarks in a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.

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

The proposed facility is scheduled for consideration on May 25, 2027, four days before Nigeria’s presidential inauguration.

Atiku described the borrowing plan as a threat to economic stability, demanding transparency over its terms and repayment obligations.

“We call on the World Bank not to approve this proposed loan on the timetable now being contemplated,” he stated.

He also declared that his proposed administration would prioritise fiscal discipline rather than additional borrowing.

The facility, intended to support infrastructure investment, remains subject to World Bank approval and has not been disbursed.