A group, The Democratic Front (TDF) has criticised former Vice President Atiku Abubakar over his call for President Bola Tinubu to account for previous loans before seeking fresh financing from the World Bank.
In a statement signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, the group described Atiku’s position as evidence of an “appalling lack of knowledge” of World Bank lending processes.
TDF said it was embarrassing that a former vice president and serial presidential candidate could question the process without understanding the conditions attached to World Bank loans.
The group argued that the World Bank does not automatically approve fresh loans for countries without compliance with legal, policy and reform requirements contained in its charter.
According to TDF, Nigeria would only qualify for additional financing after demonstrating that previous loans were properly utilised for approved development projects, alongside a satisfactory repayment and debt-servicing record.
It said the approval of fresh financing for Nigeria was itself an indication that the country had met the required accountability and repayment conditions.
The group also reminded Atiku that the administration under which he served as vice president obtained and spent more than $3.1 billion in foreign loans.
TDF further cited the repayment of the International Monetary Fund’s COVID-19 loan of $3.4 billion by the Tinubu administration in May 2025 as evidence of Nigeria’s capacity to service its debts under the ongoing Renewed Hope reforms.
The group, however, said the major issue Nigerians should scrutinise was whether the Tinubu administration obtained the required approval of the National Assembly before seeking fresh World Bank loans.
It maintained that the President secured the legislative approval, describing this as confirmation that due process and accountability requirements had been met before the loan request.
TDF also accused Atiku, the African Democratic Congress presidential candidate, of repeatedly using Nigeria’s public debt to mislead Nigerians ahead of the forthcoming elections.
The group acknowledged that Nigeria’s N166.79 trillion public debt was high but argued that it remained sustainable when compared with the debt levels of South Africa and Egypt.
It cited a 55 per cent debt-service-to-revenue ratio, 4.43 per cent year-on-year GDP growth and foreign reserves of $55.25 billion as indicators of fiscal capacity.
TDF said Nigeria still had sufficient fiscal space to invest in productive sectors capable of boosting production and economic growth.
The group condemned Atiku’s criticism of the fresh loan request, describing it as “a jaundiced opinion” and an attempt to gain electoral advantage.
It urged Nigerians to reject Atiku at the polls, accusing him and his media handlers of deliberately misleading the public on the country’s debt situation.
