ABUJA — A Nigerian political group, The Democratic Front (TDF), has strongly criticized former Vice President Atiku Abubakar over his recent comments regarding President Bola Tinubu’s request for fresh multilateral loans.
In a statement signed by its chairman, Danjuma Muhammad, and secretary, Wale Adedayo, the pro-government advocacy group accused Atiku of exhibiting an “appalling lack of knowledge” about international development finance procedures. The political row erupted after Atiku questioned President Tinubu’s decision to seek additional funding from the World Bank, demanding that the administration first account for previous borrowings. Responding to the criticism, the TDF expressed embarrassment that a seasoned politician and former vice president appeared unfamiliar with the operational frameworks of global financial institutions.”The former vice president clearly exhibited a lack of knowledge of World Bank loan processes and procedures through his inexcusable ignorance,” the statement read. The group highlighted that under Article III of the World Bank’s governing charter, the institution does not grant fresh credit facilities without strict compliance with policy reform criteria, past performance reviews, and legal benchmarks.According to the group, the multilateral lender’s approval of new funds is itself concrete proof of satisfactory accountability and compliance on earlier projects.”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,” the TDF argued, noting that Nigeria’s track record of debt servicing and policy implementation acts as a prerequisite for further borrowing. The group also pointed to the administration’s financial track record, specifically highlighting the repayment of a $3.4 billion COVID-19 emergency facility to the International Monetary Fund (IMF) as evidence of fiscal capacity and commitment to structural economic reforms.
In addition, the TDF noted that President Tinubu complied with constitutional requirements by securing approval from the National Assembly before formally submitting the loan request to international creditors. Addressing concerns over Nigeria’s national debt—which currently stands at N166.79 trillion—the group insisted the burden remains manageable. It argued that while the figure appears high in local currency, Nigeria’s debt profile remains lower than that of other major African economies, such as South Africa and Egypt, whose debt stock exceeds $300 billion.The statement pointed to macroeconomic indicators—including a debt service-to-revenue ratio of 55%, annual GDP growth of 4.43%, and foreign exchange reserves reaching $55.25 billion—as signs of fiscal stability that provide space for infrastructure investment.
The TDF accused Atiku of using public debt concerns as a political narrative to mislead voters ahead of upcoming elections, urging the Nigerian electorate to reject what it described as misleading opposition claims.
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