Tinubu’s $500m Loan Request: Atiku Raises Alarm, Urges World Bank to Reject Deal

According to a report by DAILY POST on Tuesday, November 10, 2026, former Vice President Atiku Abubakar has appealed to the World Bank to reject the Federal Government’s proposed $500 million loan, warning against the Tinubu administration leaving additional debt burdens for the incoming government.

Atiku, who contested the presidency under the African Democratic Congress (ADC), criticised the proposed borrowing, insisting that President Bola Tinubu’s administration should avoid taking on fresh financial obligations as its tenure approaches an end.

He made his position known in a statement circulated on Tuesday, November 10, 2026, following reports that the World Bank is scheduled to consider the loan application on May 25, 2027.

The former vice president expressed reservations about the timing of the proposed facility, pointing out that the scheduled date is only four days before the inauguration of Nigeria’s next president.

According to him, an administration nearing the end of its tenure should not enter into significant borrowing arrangements that could saddle its successor with additional financial commitments.

Atiku further warned that Nigeria’s increasing reliance on external loans could worsen the country’s economic difficulties. He argued that borrowing without sufficient restraint could push the nation into a cycle of debt and financial dependence.

Describing the situation in strong terms, he said: “Taking loans as if you were a drunken sailor is a road to economic bondage, a second slavery.”

He also accused the Tinubu-led government of putting Nigeria’s future at risk through excessive borrowing and called on the World Bank to reject the proposed $500 million loan.

Meanwhile, figures released by the Debt Management Office (DMO) showed that Nigeria’s total public debt stood at approximately N166.79 trillion as of June 2026.

The country’s rising debt profile has continued to generate public debate, with financial experts, including Professor Godwin Oyedokun, advising the government to exercise caution before accumulating further debt.

Despite the growing concerns, the Tinubu administration has consistently defended its borrowing strategy, maintaining that Nigeria’s current debt level remains sustainable.

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