…Says Endless Borrowing Is Worsening Nigerians’ Hardship
…Demands Full Disclosure of Loans, Projects and Spending Details
Former Vice President Atiku Abubakar has criticised the administration of President Bola Ahmed Tinubu over reports that the Federal Government is seeking an additional $1.25 billion loan facility from the World Bank, describing the move as reckless and unsustainable.
Atiku, in a statement issued through his media aide, Olusola Sanni, expressed concern that the proposed facility could become one of the largest fresh borrowings secured under the current administration despite worsening economic conditions across the country.
He argued that the government’s continued dependence on foreign loans has failed to translate into meaningful improvements in the lives of ordinary Nigerians, insisting that the administration has become identified with “industrial-scale borrowing” without visible developmental impact.
According to the former Vice President, Nigerians were promised that the loans would revive infrastructure, improve electricity supply and stimulate economic recovery, but citizens are still grappling with rising hunger, poor roads, unstable power supply and the collapse of many businesses due to high operating costs.
Atiku warned that the nation’s growing debt profile poses a serious burden for future generations, stressing that borrowing should not replace sound economic planning and productive governance.
He also called on international creditors, including the World Bank, to apply stricter conditions and transparency measures before approving additional loans for Nigeria.
The former Vice President noted that Nigeria currently ranks among countries with the highest exposure to World Bank loans, alongside nations such as Bangladesh and Pakistan, a development he said contradicts government claims of improved revenue generation and fiscal stability.
Atiku further lamented what he described as a reversal of the gains achieved during the administration of former President Olusegun Obasanjo, under which Nigeria exited the Paris Club debt burden between 2005 and 2006 through debt negotiations and fiscal reforms.
He maintained that the debt relief secured during the Obasanjo-Atiku era was achieved through prudent management, discipline and international credibility, adding that such achievements are now being undermined by excessive borrowing.
According to him, several loans obtained since May 2023 were tied to projects and objectives whose implementation remains difficult to verify.
Atiku stated that governance should be driven by productivity, vision and accountability rather than repeated loan requests, warning that “loans are not achievements” and debt accumulation cannot substitute for genuine economic development.
He also questioned whether international lenders were truly supporting development in Nigeria or merely enabling poor governance and fiscal indiscipline.
The former Vice President urged financial institutions and global creditors to insist on measurable results, transparency and accountability before extending further credit facilities to Nigeria.
He added that a government that continues to borrow heavily without visible improvements in healthcare, education, infrastructure and electricity supply raises legitimate concerns about fiscal responsibility.
Atiku therefore called on the Federal Government to provide Nigerians with a comprehensive account of all loans obtained since the Tinubu administration assumed office, including the terms, disbursement details and specific projects attached to each facility.
He insisted that citizens deserve full transparency regarding how borrowed funds are being utilised and the long-term implications for the nation’s economy.
