Former Vice-President Atiku Abubakar has criticised President Bola Tinubu’s administration over its proposed $500 million World Bank loan, describing the facility as a potential debt trap for the incoming government.
Atiku, the presidential candidate of the African Democratic Congress (ADC), argued that the Tinubu administration should not commit Nigeria to fresh borrowing shortly before the end of its tenure in May 2027.
He warned that the proposed loan could place additional financial obligations on the next administration and limit its ability to make independent economic decisions.
In a statement issued on Tuesday by Phrank Shaibu, Director of Strategic Communication for the ADC Presidential Campaign Council, Atiku urged the World Bank not to approve the facility without adequate public scrutiny.
“Taking loans as if you were a drunken sailor is a road to economic bondage, a second slavery,” Atiku said.
He accused the Tinubu administration of attempting to bind the country to fresh financial commitments in its final days, warning that such decisions could make governance more difficult for its successor.
Why Atiku Opposes the $500m Loan
The proposed $500 million facility forms part of a broader $3.85 billion Nigeria Infrastructure Financing and De-Risking Platform for Growth and Jobs, known as INFRAGROW.
According to the World Bank’s project document, the Federal Ministry of Finance is listed as the borrower, while the Nigeria Sovereign Investment Authority (NSIA) is expected to implement the initiative.
The proposed financing comprises $400 million from the International Bank for Reconstruction and Development (IBRD) and $100 million from the International Development Association (IDA).
The World Bank has scheduled a technical design review for January 21, 2027, while May 25, 2027, is listed as the estimated approval date.
This is just four days before the scheduled May 29, 2027, presidential inauguration.
Atiku questioned the timing, insisting that an outgoing administration should not make significant borrowing commitments that would extend into the tenure of its successor.
Atiku Calls for Public Scrutiny
The former Vice-President called on the World Bank to defer consideration of the proposed facility until Nigerians have been given access to its terms, risks and repayment obligations.
He also invoked a Swahili proverb to illustrate his concerns about the implications of borrowing shortly before a change of government.
“As the Swahili proverb warns, ‘If you borrow a man’s legs, you will go where he directs,’” he said.
Atiku maintained that a successor should not be constrained by financial obligations and decisions made without sufficient public scrutiny.
He further declared that if elected, his administration would not begin its tenure with 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,” he said.
How the Proposed Loan Will Finance Infrastructure
The INFRAGROW initiative is designed to attract private investment and international financing into critical infrastructure projects, particularly in energy, transport and water.
Its proposed structure includes contributions from the NSIA, private investors, commercial lenders and international financial institutions.
The World Bank estimates that Nigeria faces an annual infrastructure financing gap of approximately $100 billion, identifying inadequate investment and weak project preparation as major obstacles to economic growth.
However, the proposed $500 million facility remains at the preparation stage and has not received approval. Its proposed approval timetable is also subject to change.
Atiku’s objection comes amid broader borrowing plans by the Tinubu administration. On November 4, Reuters reported that the President had asked lawmakers to approve a new $7.7 billion external borrowing plan to finance projects and programmes in the 2026 budget.
Nigeria’s total public debt stood at ₦166.79 trillion as of June 30, 2026, according to the Debt Management Office.
