Former Vice President Atiku Abubakar has criticised the Federal Government’s reported plan to secure a fresh $1.25 billion loan from the World Bank, describing the move as another sign of what he called reckless borrowing under the administration of President Bola Ahmed Tinubu. The former presidential candidate raised concerns over the growing debt profile of the country, warning that continued dependence on foreign loans could place unbearable pressure on Nigeria’s economy and future generations.
According to reports, the Federal Government is currently in discussions with the World Bank over the proposed facility, which is expected to support key economic reforms and infrastructure financing. However, Atiku argued that despite several loans already obtained by the current administration, Nigerians have yet to see meaningful improvements in living conditions, economic stability, or critical sectors such as power, healthcare, and education.
The former vice president questioned the transparency surrounding the proposed loan arrangement and insisted that the government must clearly explain how previous borrowings have been utilised before seeking additional financial assistance. He maintained that borrowing without visible economic productivity or measurable development would only deepen the nation’s fiscal challenges and worsen the burden on citizens already battling inflation, unemployment, and rising costs of living...READ THE FULL ARTICLE HERE .
Atiku also accused the Tinubu administration of pursuing policies that continue to increase hardship for ordinary Nigerians while failing to strengthen local production and economic growth. He stressed that rather than relying heavily on external loans, the government should focus on improving revenue generation, tackling corruption, supporting private sector investments, and creating policies that encourage sustainable development.
The criticism comes amid ongoing debates over Nigeria’s mounting debt obligations and concerns from economic experts about the long-term implications of excessive borrowing. While supporters of the administration argue that loans are necessary to finance major projects and stabilise the economy during difficult times, critics believe the country risks falling deeper into debt without corresponding economic returns.
The Federal Government has repeatedly defended its borrowing strategy, insisting that many of the loans are tied to development projects aimed at improving infrastructure, stimulating growth, and addressing economic challenges inherited over the years. Nevertheless, opposition figures and financial analysts continue to demand greater accountability and prudent management of public debt as Nigeria navigates its current economic realities.
