‘I WILL NOT ACCEPT IT’: ATIKU VOWS TO REJECT TINUBU’S PROPOSED $500M WORLD BANK LOAN

Former Vice-President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has vowed to reject the Tinubu administration’s proposed $500 million World Bank loan, describing it as an attempt to saddle the incoming government with fresh debt.

Atiku warned that an outgoing administration should not commit Nigeria to additional borrowing days before handing over power, insisting that such a decision could undermine the economic freedom of its successor.

In a statement issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council, Atiku declared:

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

“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.”

The former Vice-President accused the Tinubu administration of attempting to commit Nigeria to a potentially unstable economic path shortly before the next presidential inauguration.

He argued that an outgoing government should not use its final days in office to impose fresh financial obligations that could make governance more difficult for its successor.

According to the statement, the proposed $500 million facility is scheduled for consideration on May 25, 2027, just four days before the May 29 presidential inauguration.

Atiku questioned the timing of the proposed loan, insisting that President Bola Tinubu should not commit the country to fresh borrowing as he prepares to leave office.

Quoting a Swahili proverb, he warned: “If you borrow a man’s legs, you will go where he directs.”

He also called on the World Bank not to approve the proposed facility, demanding that Nigerians be given full disclosure of the loan’s terms, associated risks and repayment obligations.

Reaffirming his position, Atiku declared:

“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.”

His comments have placed the proposed $500 million facility at the centre of a debate over public borrowing, presidential transition and Nigeria’s long-term debt obligations.