Atiku Slams Tinubu’s $1.25 Billion Loan Plan, Calls It Economic Vandalism
- Atiku Abubakar criticised President Bola Tinubu’s administration for excessive borrowing amid stagnant economic conditions for Nigerians
- According to Atiku, Tinubu’s potential $1.25 billion loan could exacerbate Nigeria's growing debt burden
- Atiku demands transparency on loan terms and project outcomes from the Tinubu government
Legit.ng journalist Adekunle Dada has over 8 years of experience covering metro, government policy, and international issues
Former Vice President Atiku Abubakar has reacted to reports that President Bola Ahmed Tinubu’s administration is in discussions with the World Bank for yet another $1.25 billion loan facility.
Legit.ng reports that Nigeria requested for a $1.25bn loan from the World Bank for reforms, job creation and competitive enhancement.
Atiku said it is both troubling and unconscionable that Tinubu’s administration which promised economic renewal has instead become synonymous with industrial-scale borrowing.
He said the borrowing is done without any corresponding improvement in the daily lives of Nigerians.
He said if the $1.25 billion loan request is granted would rank among Tinubu’s largest fresh borrowings.
The chieftain of the African Democratic Congress (ADC) lamented that Nigeria’s debt burden continues to spiral under Tinubu’s administration.
This was disclosed in a statement issued through Atiku’s Media Aide, Olusola Sanni and made avalaible to Legit.ng on Sunday, May 17, 2026.
“This borrowing binge is becoming reckless, opaque, and dangerously habitual. The loans are coming with a burden of weight too heavy for Nigerians to bear. 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.”
He repeated his position on the economic merit of the Tinubu administration’s ravenous policy on foreign debt.
“It is deeply ironic that the same nation which painstakingly exited the Paris Club debt trap through the fiscal discipline, diplomatic credibility, and reform-driven leadership of the Obasanjo-Atiku administration in 2005–2006 is now being dragged back into a fresh era of debt dependency.
“Between May 2023 and now, the Tinubu administration has obtained record massive loans from the World Bank under the titles of objectives that are difficult to verify its implementation.
Atiku urged the Federal Government to provide Nigerians with a full account of all loans secured since assuming office.
He called on Tinubu’s gpvernment to provide the people with the terms attached to the loans, disbursement status, and concrete project outcomes tied to each facility.
FG service China, other debts
Recall that Nigeria spent over N2.28 trillion on domestic debt service, with interest payments alone more than 80%.
External debt service reached $1.80 billion, dominated by commercial obligations at $1.39 billion.
Multilateral lenders like the International Development Association and the African Development Bank lead.
Tinubu asks Senate to approve $516m loan
Meanwhile, Legit.ng also reported that President Tinubu asked the Senate to approve a fresh $516m loan from Deutsche Bank to fund sections of the Sokoto–Badagry Super Highway.
The 1,000-kilometre project is designed to connect Nigeria’s North-West and South-West, cutting travel time between Sokoto and Lagos almost in half,
Lawmakers say the highway could be a major boost to trade, food security, and national integration.
Source: Legit.ng
