Former Vice President Atiku Abubakar has strongly criticised the Federal Government’s move to secure another $1.25 billion loan from the World Bank, describing President Bola Tinubu’s borrowing habit as “economic vandalism.”
In a statement issued by his spokesperson, Olusola Sanni, Atiku expressed deep concern over reports of ongoing discussions for the fresh facility, which would add to Nigeria’s already rising debt burden.
He warned that if approved, the loan would rank among the largest single borrowings under the current administration, accusing it of reckless and opaque borrowing without visible benefits to ordinary Nigerians.
“Atiku said it is both troubling and unconscionable that an administration that promised economic renewal has instead become synonymous with industrial-scale borrowing,” the statement noted.
He further stated: “This borrowing binge is becoming reckless, opaque, and dangerously habitual. The loans are coming with a burden too heavy for Nigerians to bear.”
Atiku questioned the impact of previous loans, noting that despite claims they were meant for infrastructure, power, and economic recovery, many Nigerians still face power outages, dilapidated roads, collapsing businesses, and widespread hunger.
He called on the World Bank and other creditors to enforce stricter compliance with loan terms and conditions.
He also urged the Tinubu administration to give Nigerians a comprehensive account of all loans obtained since 2023, including their terms, disbursement status, and measurable project outcomes.
Nigeria’s total public debt stood at N159 trillion as of December 2025.
The development has sparked widespread reactions across the country as concerns over the nation’s debt trajectory continue to mount.
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