Atiku rejects Tinubu’s $500m World Bank loan planned for approval four days before next presidential inauguration

Photo: Atiku Abubakar · Source: Nigeria Currently (Nov 2025 file photo)

The ADC candidate says no outgoing president should burden a successor with fresh debt — and that his ‘incoming administration’ will not start by taking another loan.

ADC presidential candidate Atiku Abubakar has rejected the Tinubu administration’s plan to secure a $500 million World Bank loan, in a statement issued on Tuesday through Phrank Shaibu, director of strategic communication for the ADC Presidential Campaign Council.

The facility is part of the $3.85 billion Nigeria Infrastructure Financing and De-Risking Platform for Growth and Jobs (INFRAGROW), with the Federal Ministry of Finance as borrower and the Nigeria Sovereign Investment Authority as implementer — $400 million from the IBRD and $100 million from the IDA.

Per the World Bank’s Initial Project Information Document, updated 4 Nov, the technical design review is set for 21 Jan 2027 and estimated board approval for 25 May 2027 — four days before the next presidential inauguration on 29 May 2027.

Atiku argued no outgoing president should burden a successor with fresh debt in the final days of his tenure, called on the World Bank to halt approval until full disclosure of terms and repayment obligations, and said his incoming administration “will not begin our government by taking another loan.” The “incoming administration” is his claim, not an established fact.

The loan is at preparation stage and has not been approved — the 25 May 2027 date is the Bank’s estimated date, not a confirmed board decision. Context: Tinubu asked the National Assembly on 4 Nov to approve a fresh $7.7 billion external borrowing plan, replacing an earlier $20.5 billion proposal.

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