Former Vice-President Atiku Abubakar rejects President Tinubu’s proposed $500 million World Bank loan, warning against leaving debt for the next administration.
Former Vice-President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has voiced strong opposition to a fresh $500 million World Bank loan proposed by the President Bola Tinubu-led federal administration.
The elder statesman warned that taking on heavy external debt commitments just days before the end of a presidential term poses severe financial dangers and represents a calculated effort to trap the incoming administration in economic hardship.
The sharp criticism was made public in an official press statement released on Tuesday, November 10, 2026, by Phrank Shaibu, the Director of Strategic Communication for the ADC Presidential Campaign Council.
The statement came following media disclosures that the federal government is seeking the World Bank facility to set up an infrastructure financing platform, with official consideration scheduled for May 25, 2027, just four days before the national presidential handover ceremony on May 29, 2027.
Condemning the timing of the borrowing plan, the ADC presidential flagbearer stressed that no outgoing leader should commit the nation to fresh long-term debt when preparing to leave office.
He urged international lenders to halt the process and demanded total transparency regarding the terms and repayment conditions of the loan.
Criticizing the federal government’s economic approach in the official campaign statement, Atiku Abubakar declared:
“No outgoing president has the right to burden his successor with fresh debt days before handing over power.”
Warning against dragging the country into deep financial problems through unguided borrowing, the former vice-president added:
“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.”
Explaining how the timing of the loan approval could tie the hands of the next administration, the legal statement noted:
“The Tinubu administration’s latest move is a preemptive attempt to lock Nigeria into a path of economic instability. A government cannot use its final days in office to bind the country and make governance more difficult for its successor.”
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Focusing on the specific date set for the approval of the credit facility, the campaign statement added:
“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.”
Using an ancient traditional proverb to illustrate the danger of relying on foreign creditors, the opposition leader stated:
“As the Swahili proverb warns, ‘If you borrow a man’s legs, you will go where he directs.’”
Calling directly on foreign financial institutions to stop the funding process, the statement continued:
“We call on the World Bank not to approve this proposed loan. Nigerians deserve full disclosure of its terms, risks and repayment obligations.”
Vowing that his prospective administration will refuse to absorb improper debt burdens upon taking office, Atiku concluded:
“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.”
The public rejection has triggered fresh political debates over the nation’s rising public debt profile as political parties prepare for the 2027 general elections.
Jennifer Baba is a journalist, international news correspondent, and writer at Moderncrux, where she covers artificial intelligence, fintech, emerging technologies, global politics, and international affairs. Based in Nigeria, she is passionate about transforming complex global developments into clear, engaging stories that inform and inspire readers.
