Top opposition leader in the country, Atiku Abubakar has expressed dissatisfaction with the federal government plan to borrow fresh loan from the World Bank, describing the action as “reckless” and “ dangerously habitual” for the administration which he said has made borrowing a habit.
The former Nigerian Vice President and ADC presidential aspirant made the remark in a statement on Sunday amid the ongoing discussion by the Bola Ahmed Tinubu’s administration to borrow $1. 25 billion from the Bretton Wood, United States-based financial institution.
The statement issued by Abubakar’s media aide, Olusola Sanni claimed that the new loan, if approved by the World Bank, will be the largest single borrowing by the administration, saying it’s unfortunate that the government which promised prosperity for Nigerians has now embarked on a loan binge, which he said there’s nothing on the ground to show for.
“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,” Abubakar said.
Abubakar urged the World Bank and other creditors to ensure that the Nigerian government follow due process, by strictly following the “terms and conditions” tied to the loans, adding that Nigeria has become one of the biggest debtors to world Bank , despite claim by the Tinubu’s administration that revenue has improved.
“At this point it has become necessary to demand that the World Bank and, indeed, other creditors apply more prudent measures in ensuring significant compliance to the terms and conditions of these loans,” he stated.
“The IDA loans are facilities granted to extremely poor countries and currently shares the same spot with Bangladesh and Pakistan as top countries in world with highest loan exposure to the World Bank. This data is diametrically opposed to claims by the Tinubu administration that the government had increased its revenue generation drive.
“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.
“The historic debt relief of 2006 was not accidental. It was earned through tough negotiations, prudent management, and international goodwill. Today, that legacy is being squandered with alarming irresponsibility.
“This administration appears to believe that borrowing is governance. It is not. Loans are not achievements. Debt is not development. And mortgaging the future of unborn Nigerians to fund present incompetence is not economic management—it is economic vandalism.
“We must begin to ask difficult questions, not just of the borrowers, but also of the lenders….
“No responsible lender should ignore the warning signs. A government that keeps borrowing while citizens see no tangible improvement in electricity supply, healthcare, education, or infrastructure raises legitimate concerns about fiscal credibility and governance discipline.
“Nigeria cannot continue down this dangerous path where every economic challenge is answered with another loan request. At some point, creditors must ask themselves whether they are funding development or enabling dysfunction.
“The Tinubu administration must understand that a nation cannot borrow its way out of incompetence. Governance requires vision, discipline, productivity, and trust—not endless promissory notes signed against the future of a suffering people.”
Meanwhile, checks from the Nigeria Bureau of Statistics, NBS indicate that the country’s current total debt stands at $111 billion.
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