The Democratic Front (TDF) has expressed surprise at what it described as an appalling lack of knowledge by former Vice President Atiku Abubakar in asking President Bola Tinubu to account for previous 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, TDF said it was embarrassed that a former Vice President and serial Presidential candidate does not understand World Bank processes.
It 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.
“We are, however, aware that Nigeria can only access a fresh loan from the global institution after providing evidence of strict application of previous loans to the intended developmental projects or ventures. A positive record of repayment and debt servicing trajectory is also part of the metrics used for World Bank approvals.
“In other words, approval of fresh loans to the Nigerian government by the World Bank is, in itself, evidence that the government has fully shown accountability on previous loans.
“Our disappointment in the former Vice President, who served under a government that collected and expended over $3.1 billion in foreign loans, is his failure to comprehend that the World Bank would not have granted a fresh loan to Nigeria if the conditions for accountability and repayment of previous borrowings were not met.
“The repayment of the IMF’s COVID-19 loan, which amounted to a total of $3.4 billion, by the Tinubu administration in May 2025, is evidence of the economy’s capacity for debt repayment under the ongoing Renewed Hope reforms. This is an undeniable fact and reality which the ADC presidential candidate and his media handlers failed to appreciate.
“In our view, what should be of concern to every well-meaning Nigerian is whether or not President Tinubu obtained the approval of the National Assembly before approaching the World Bank for a fresh loan, as enshrined in the Constitution. In this case, the President got the legislative nod before requesting fresh loans from the World Bank. It is a further confirmation that conditions of accountability and due process were met on both sides before the request for a fresh World Bank loan was made by the President.
“We have also observed that the former Vice President and ADC presidential candidate has repeatedly attempted to needlessly harangue Nigerians over the country’s public debt, which stood at N166.79 trillion as a gimmick to mislead the public ahead of the forthcoming election.”
The group argued that Nigeria’s debt profile is sustainable and added that the country is not at any 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.
“And considering the debt service-to-revenue ratio at 55%, year-on-year GDP growth at 4.43%, and an 18-year record high foreign reserve of $55.25 billion, Nigeria has a huge fiscal space for investment in meaningful developments that will trigger 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 to gain an electoral advantage in the forthcoming elections. We urge Nigerians to reject him at the polls,” it added.
