Atiku Abubakar, former vice president, has expressed grave concern over reports that the Federal Government is in discussions with the World Bank for yet another $1.25 billion loan facility.
Atiku made this known in a statement by his spokesperson, Olusola Sanni.
This comes amid the country’s rising debt.
President Bola Ahmed Tinubu had approval for a fresh $1.25 loan from the World Bank. The development had stirred reactions from Nigerians.
Reacting, Atiku said if the loan is concluded, Nigeria would rank among the largest fresh borrowings under the current administration.
Atiku said it is both troubling and unconscionable that an administration that promised economic renewal has instead become synonymous with industrial-scale borrowing, without any corresponding improvement in the daily lives of Nigerians.
“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.
“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 with the terms and conditions of these loans,” he stated.
Atiku urged President Tinubu’s government to provide Nigerians with a full account of all loans secured since assuming office, the terms attached to them, disbursement status, and concrete project outcomes tied to each facility.
Nigeria’s total debt as of December 2025 stood at N159 trillion.
$1.25bn World Bank loan: ‘Tinubu’s debt addiction economic vandalism’ — Atiku