Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s administration over reports that the Federal Government is seeking a fresh $1.25 billion loan from the World Bank, describing the government’s borrowing pattern as “reckless, opaque and dangerously habitual.”
In a statement issued on Sunday in Abuja by his media aide, Olusola Sanni, Atiku said it was troubling that an administration which promised economic renewal had become increasingly dependent on foreign loans without visible improvement in the lives of ordinary Nigerians.
“This borrowing binge is becoming reckless, opaque and dangerously habitual,” Atiku said. “Nigerians were told these loans were for infrastructure, power and economic recovery. Yet the average citizen still lives in darkness, roads remain death traps, businesses are collapsing under crushing energy costs, and hunger has become a national epidemic.”
Reports last week said the Federal Government was in advanced discussions with the World Bank for a $1.25 billion facility titled Nigeria Actions for Investment and Jobs Acceleration. The loan is expected to support economic reforms, job creation and investment growth, and could be presented to the World Bank board for approval on June 26.
If approved, the facility would become one of the largest single World Bank loans secured under Tinubu, after the $1.5 billion economic stabilisation loan approved in 2024. Reports indicate that total World Bank approvals to Nigeria under the current administration could rise to about $10.6 billion.
Atiku argued that the borrowing plan contradicts the government’s claims of improved revenue generation. He also urged the World Bank and other creditors to demand greater transparency and measurable outcomes before extending further credit.
“No responsible lender should ignore the warning signs,” he said. “At some point, creditors must ask themselves whether they are funding development or enabling dysfunction.”
The former vice president compared the current borrowing trend with Nigeria’s Paris Club debt exit under the Olusegun Obasanjo administration, in which he served as vice president. He said that debt relief was achieved through fiscal discipline, reform and international credibility, warning that the legacy was being squandered.
Nigeria’s debt burden has remained a major concern. Tinubu recently said the country would spend about $11.6 billion on debt servicing in 2026, nearly half of projected government revenue.
Atiku called on the government to publish a full account of all loans obtained since May 2023, including terms, disbursement status and specific projects tied to each facility.
