Atiku Abubakar Opposes Tinubu’s Proposed $500 Million World Bank Loan

Atiku Abubakar has criticised President Bola Tinubu’s plan to seek a $500 million World Bank loan, arguing that the outgoing administration should not commit Nigeria to fresh borrowing so close to a change of government. A statement issued on Atiku’s behalf by Phrank Shaibu, director of strategic communication for the ADC Presidential Campaign Council, said the proposed facility was scheduled for consideration by the World Bank on May 25, 2027. That date would be four days before the next presidential inauguration, set for May 29, according to the report. Atiku described the timing as irresponsible and unfair to Nigerians, saying a major financial commitment made just before a new administration takes office could leave the country with obligations it did not choose. He also suggested that the timing of the loan proposal was deliberate. The former vice president appealed to the World Bank not to approve the facility on the proposed timetable. He called for the loan’s terms, risks and repayment conditions to be made public before any commitment is reached. The statement also said Atiku would resist inheriting the terms without challenge if he became president. Atiku framed the issue as part of a wider debate over borrowing and the country’s economic direction. The report notes that he has also criticised other borrowing proposals by the Tinubu administration, including requests for external loans intended to help finance the 2026 budget deficit. His campaign council has previously urged lawmakers to seek a detailed list of projects, loan terms and repayment plans before considering borrowing requests. In this latest statement, Atiku again placed transparency and the burden on future generations at the centre of his objection.