By Annette Ikponmwonba | November 10th, 2026
Key Points
· ADC presidential candidate Atiku Abubakar has criticised President Tinubu over a proposed $500m World Bank loan
· The statement was issued by Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council
· Atiku said no outgoing president has the right to burden his successor with fresh debt days before handing over power
· The facility is reportedly scheduled for consideration on May 25, 2027, four days before the next presidential inauguration
· He called on the World Bank not to approve the loan on the timetable being contemplated and demanded full disclosure of its terms
· He pledged that an Atiku administration beginning May 29, 2027, would not start by taking another loan
Main Story
Former Vice President and ADC presidential candidate Atiku Abubakar has criticised President Bola Tinubu over a proposed $500 million loan from the World Bank. He accused the President of borrowing in his last days in office so that his successor and the Nigerian people would be left to pay for it.
In a statement issued by Phrank Shaibu, Atiku claimed the administration was trying to lock Nigerians into a path of economic instability. “No outgoing president has the right to burden his successor with fresh debt days before handing over power,” he said. He added: “Taking loans as if you were a drunken sailor is a road to economic bondage, a second slavery.”
He said the proposed $500 million facility is scheduled for consideration on May 25, 2027, just four days before the next presidential inauguration, and argued that Tinubu has no business committing the country to fresh debt as he prepares to leave office. “On January 16, Nigerians will vote for a new direction: a government that puts affordable living first, not one that keeps pursuing loans whose terms and consequences have not been clearly explained to the people,” he said.
The Issues
The criticism turns on timing and transparency. Atiku argues that a loan scheduled for consideration days before a possible handover would bind a new government to obligations it had no part in choosing. His statement assumes Tinubu leaves office on May 29, 2027, which depends on the outcome of the January election.
It also reflects the wider campaign fight over debt and the economy. The opposition has made the cost of living and the government’s borrowing central lines of attack, and the loan gives Atiku a fresh talking point. The statement argues the loan’s terms and consequences have not been clearly explained to the public, The claims come from Atiku’s campaign, and the loan’s details come from a report he cites. The report does not include a response from the Presidency or the World Bank.
What’s Being Said
Atiku used a Swahili proverb to press his point. “If you borrow a man’s legs, you will go where he directs. A leader who borrows on his way out leaves his successor walking on the lender’s legs, constrained by obligations and choices the people did not make,” he said.
He described the move as a preemptive attempt to lock in economic instability even after Nigerians, in his words, “roundly rejected its poverty inflicting reforms.” He said a government cannot use its final days to bind the country and make governance harder for its successor, He called on the World Bank not to approve the loan on the proposed timetable. “Nigerians deserve full disclosure of its terms, risks and repayment obligations, and the opportunity to scrutinise a commitment that will outlast the administration pursuing it,” he said.
What’s Next
Attention will turn to whether the Presidency or the Ministry of Finance responds, and whether the World Bank clarifies the loan’s terms and timetable. The scheduled May 25, 2027 consideration date will draw scrutiny as the election approaches, Debt and borrowing are likely to remain campaign themes, with Atiku pledging that an Atiku administration beginning May 29, 2027, would not start by taking another loan.
Bottom Line
Atiku is using a proposed $500m World Bank loan to attack Tinubu’s borrowing record and promise fiscal discipline, though the claims are campaign statements and the Presidency has yet to respond.
