Abdullahi flays Tinubu over fresh $1.75bn World Bank loan plan

Spokesperson of the African Democratic Congress (ADC), Bolaji Abdullahi, has criticised President Bola Tinubu’s administration over plans to secure a fresh $1.75 billion loan from the World Bank, describing it as a contradiction of the President’s earlier stance on borrowing.

In a statement posted on X yesterday, Abdullahi recalled that Tinubu had recently declared that Nigeria had met its revenue targets and would no longer rely on borrowing to finance government expenditure.

“But no sooner had you left the country than some overzealous official announced your government’s plans to borrow another $1.75 billion from the World Bank, thereby making you look like a liar,” Abdullahi stated.

He also took a swipe at the Speaker of the House of Representatives, Tajudeen Abbas, accusing him of political cowardice for initially opposing further loans before later softening his stance.

“Obviously, he fears you more than he fears for his conscience,” the ADC spokesperson added.

Abdullahi ended with a sarcastic remark to the President: “Sorry to disturb you, Sir. Continue to enjoy your well-deserved holidays.”

On Monday, Abbas, while addressing participants at the West Africa Association of Public Accounts Committees conference, warned that Nigeria’s debt profile had reached a critical point and called for urgent reforms in borrowing practices and parliamentary oversight.