TDF Faults Atiku Over Tinubu’s Fresh World Bank Loan Request
Oru Leonard
The Democratic Front (TDF) has criticised former Vice President Atiku Abubakar over his questioning of President Bola Tinubu’s request for fresh loans from the World Bank, accusing him of displaying what it described as “pedestrian knowledge” of the institution’s lending processes.
The group said it was surprised that Atiku, a former Vice President and presidential candidate, would demand that the Tinubu administration account for previous loans before seeking additional financing from the World Bank.
In a statement signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, TDF argued that the World Bank does not automatically approve fresh loans for countries without compliance with its legal, policy and reform requirements.
According to the group, Nigeria’s access to additional World Bank financing would require evidence of compliance with conditions attached to previous loans, including proper utilisation of funds for approved development projects and a credible debt-servicing record.
TDF said: “The former Vice President clearly exhibited a lack of knowledge of World Bank loan processes and procedures, through his inexcusable ignorance of the fact that the World Bank does not automatically grant fresh loans to any country without compliance with legal and policy/reform conditions as contained in Article III of its Charter.”
The group further argued that the approval of fresh financing for Nigeria was itself an indication that relevant conditions had been assessed by the lending institution.
It also criticised Atiku, the African Democratic Congress (ADC) presidential candidate, for raising concerns over Nigeria’s debt profile, recalling that the administration in which he served as Vice President obtained and expended more than $3.1 billion in foreign loans.
TDF cited the repayment of what it described as the IMF COVID-19 loan, amounting to $3.4 billion, by the Tinubu administration in May 2025 as evidence of Nigeria’s capacity to service its external obligations.
The group, however, said the major issue Nigerians should consider was whether the President obtained the required approval of the National Assembly before seeking fresh borrowing from the World Bank.
It maintained that Tinubu secured the legislative approval, describing this as evidence that due process had been followed in the loan request.
TDF also dismissed concerns over Nigeria’s public debt, which it put at N166.79 trillion, arguing that the country’s debt profile remained sustainable and that Nigeria was not at risk of default.
According to the group, Nigeria’s debt level remained comparatively low when measured against countries such as South Africa and Egypt, whose debt profiles, it claimed, exceeded $300 billion.
It further cited a debt service-to-revenue ratio of 55 per cent, year-on-year GDP growth of 4.43 per cent and foreign reserves of $55.25 billion as indicators of what it described as Nigeria’s available fiscal space for investment.
TDF accused Atiku of using the debt issue for political purposes ahead of the 2027 general elections.
“We condemn Atiku Abubakar’s unwarranted insinuations on the fresh loan request.
“We consider it not only a jaundiced opinion but also a continuation of his mischievous tirade to mislead the public to gain an electoral advantage in the forthcoming elections,” the group said.
TDF urged Nigerians to reject Atiku at the polls.
