Former Vice President Atiku Abubakar has criticised President Bola Ahmed Tinubu over reports that the Federal Government is seeking a fresh $1.25 billion loan facility from the World Bank, warning that Nigeria is sliding deeper into debt without visible improvements in citizens’ lives.
In a statement issued through his media aide, Atiku described the Tinubu administration’s borrowing pattern as “reckless” and “habitual,” arguing that the government has failed to translate loans into meaningful development despite repeated claims that the funds are meant for infrastructure, power and economic recovery.
The former presidential candidate said Nigerians are still battling inflation, high energy costs, poor electricity supply, bad roads and worsening hunger despite the increasing debt profile of the country. He maintained that borrowing should not be mistaken for economic achievement or good governance.
Atiku also called on the World Bank and other international creditors to enforce stricter transparency and accountability measures before approving additional loans for Nigeria. According to him, lenders must begin to question whether the loans are genuinely funding development or merely sustaining dysfunction.
He further urged the Federal Government to publish details of all loans obtained since May 2023, including the terms of the agreements, disbursement status and projects tied to the facilities.
The Federal Government has repeatedly defended its borrowing strategy, insisting that many of the loans are concessional facilities targeted at stabilising the economy, supporting reforms and funding critical sectors including power, healthcare and infrastructure.
