Atiku Rejects Tinubu’s Proposed $500m World Bank Loan, Calls It a ‘Debt Trap’ for Next Administration

Atiku Rejects Tinubu’s Proposed $500m World Bank Loan, Calls It a ‘Debt Trap’ for Next Administration

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has rejected the Tinubu administration’s proposed $500 million World Bank loan, describing it as a potential debt trap for the next administration.

Atiku made his position known in a statement issued on Tuesday, November 10, 2026, through Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council.

He argued that the outgoing administration should not enter into fresh borrowing commitments shortly before the 2027 presidential handover, leaving the next government and Nigerians to bear the repayment obligations.

According to reports, the proposed $500 million facility is expected to be considered by the World Bank on May 25, 2027, just four days before the scheduled presidential inauguration on May 29.

Atiku described the proposed timing as inappropriate, insisting that Nigerians deserve full disclosure of the loan's terms, risks and repayment obligations before any approval.

“I will not accept it. The Atiku administration will commence on May 29, 2027, and we will not begin our government by taking another loan,” he stated.

He also called on the World Bank not to approve the proposed facility under the current timetable, arguing that a government approaching the end of its tenure should not make financial commitments that could constrain its successor.

What Is the $500 Million Loan For?

The proposed facility is part of a wider $3.85 billion Nigeria Infrastructure Financing and De-Risking Platform for Growth and Jobs, known as INFRAGROW.

The initiative is designed to attract private investment into critical infrastructure sectors, including energy, transport and water.

According to the World Bank project information document, the proposed $500 million financing comprises $400 million from the International Bank for Reconstruction and Development and $100 million from the International Development Association.

The Nigeria Sovereign Investment Authority is expected to serve as the implementing agency.

However, the proposed facility has not yet been approved, and the World Bank's projected approval date remains subject to change.

The controversy comes amid wider debate over Nigeria's growing public debt and the Federal Government's reliance on external borrowing to finance infrastructure and budgetary programmes.

Atiku maintains that any new borrowing commitment must be transparent and should not unfairly burden a future administration.

The Federal Government's position on the proposed facility and its expected development benefits remains an important part of the public debate.