Abuja, FCT – By Prime Brief Media
Former Vice President Atiku Abubakar has issued a stern warning to President Bola Tinubu over the administration's relentless accumulation of foreign debt, stating that the loans are becoming an unbearable burden on ordinary Nigerians.
In a statement released by his media office on Monday, Atiku reacted to reports that the Federal Government is in advanced talks with the World Bank for a fresh 1.25 billion loan facility. He noted that the World Bank has already approved about 9.35 billions in loan for Nigeria between June 2023 and May 2026, and that total debt service will consume approximately $11.6 billion in 2026, nearly half of projected government revenue.
"The President must understand that loans are not free money. Every dollar borrowed will be repaid by the Nigerian people, many of whom can barely afford to feed their families. This government's appetite for debt is reckless, opaque, and dangerously habitual," Atiku said.
The former Vice President demanded full transparency on all loan agreements, including their terms, conditions, and designated projects. He argued that borrowing without visible improvements in infrastructure, healthcare, education, and living standards amounts to mortgaging the nation's future.
Finance Minister Taiwo Oyedele has defended the administration's borrowing strategy, saying the loans are concessional and tied to critical reforms. However, civil society groups have also expressed concern, and the World Bank recently restricted comments on its Instagram page following a backlash from Nigerians.
Prime Brief Media is closely following political reactions and will provide updates as the situation evolves.
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