The Democratic Front (TDF) has voiced surprise at what it called a glaring lack of knowledge on the part of former Vice President Atiku Abubakar, who asked President Bola Tinubu to account for earlier loans before seeking a new one from the World Bank.
In a statement signed by its Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo, the group said it was embarrassed that a former Vice President and repeat presidential candidate did not understand how the World Bank operates.
“The former Vice President clearly showed a lack of understanding of World Bank loan processes and procedures. His ignorance is inexcusable, given that the World Bank does not automatically grant fresh loans to any country without compliance with legal and policy or reform conditions as contained in Article III of its Charter,” the group said.
It explained that Nigeria can only access a fresh loan from the global institution after providing evidence that earlier loans were strictly applied to their intended development projects.
According to the group, a positive repayment record and a healthy debt servicing trajectory are also among the metrics the World Bank uses for approvals.
“In other words, the approval of fresh loans to the Nigerian government by the World Bank is itself evidence that the government has fully shown accountability on previous loans,” the statement said.
The group expressed disappointment that Atiku, who served under a government that collected and spent over $3.1 billion in foreign loans, failed to grasp that the World Bank would not have granted Nigeria a fresh loan if the conditions for accountability and repayment had not been met.
It pointed to the Tinubu administration’s repayment of the IMF’s COVID-19 loan, totalling $3.4 billion, in May 2025 as proof of the economy’s capacity for debt repayment under the ongoing Renewed Hope reforms.
TDF described this as an undeniable fact that the ADC presidential candidate and his media handlers failed to appreciate.
TDF added that the real concern for well-meaning Nigerians should be whether the President obtained National Assembly approval before approaching the World Bank, as the Constitution requires.
It noted that Tinubu secured the legislative nod before requesting the fresh loans, which it said further confirms that accountability and due process were observed on both sides.
The group also accused the former Vice President and ADC candidate of repeatedly and needlessly harassing Nigerians over the country’s public debt, which stands at N166.79 trillion, as a ploy to mislead the public ahead of the forthcoming election.
TDF argued that Nigeria’s debt profile is sustainable and that the country faces no risk of debt default.
“Even though a public debt of N166.79 trillion may be on the high side, it is still low compared to that of South Africa and Egypt, which are among Africa’s top three economies but have debt profiles exceeding $300 billion,” the statement said.
It further noted that, with a debt service to revenue ratio of 55%, year on year GDP growth of 4.43% and an 18-year record high foreign reserve of $55.25 billion, Nigeria has ample fiscal space to invest in projects that will boost production and productivity.
“To this end, 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 and gain an electoral advantage in the forthcoming elections. We urge Nigerians to reject him at the polls,” the group added.
