Former Vice President Atiku Abubakar has criticised the administration of President Bola Tinubu over reports that the Federal Government is negotiating a fresh $1.25 billion loan from the World Bank, warning that Nigeria is sinking deeper into unsustainable debt without visible gains for citizens. In a statement issued on Sunday through his media aide, Olusola Sanni, Atiku described the proposed facility as further evidence of what he called the Tinubu administration’s reckless and habitual dependence on borrowing.
The former vice president said it was disturbing that an administration elected on promises of economic revival had become associated with what he termed industrial-scale borrowing while millions of Nigerians grapple with inflation, rising energy costs, food insecurity and declining purchasing power.
Atiku questioned the rationale behind the Federal Government’s continued borrowing at a time officials insist that reforms such as fuel subsidy removal, foreign exchange liberalisation and improved tax collection have significantly boosted public revenue. He stated that the International Development Association loans are facilities granted to extremely poor countries and that Nigeria currently shares the same spot with Bangladesh and Pakistan as top countries with the highest loan exposure to the World Bank.
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The former presidential candidate further argued that the country risked sliding back into a debt crisis similar to the one Nigeria battled before securing relief from the Paris Club in 2005 and 2006 under the administration of former President Olusegun Obasanjo. The former vice president urged the Federal Government to publish a detailed account of all loans obtained since President Tinubu assumed office, including the terms, disbursement status and projects tied to each facility.
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