Atiku Demands Account of ₦166.79tn Debt Before Fresh World Bank Loan

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has challenged President Bola Tinubu’s administration to account for Nigeria’s existing debt before proceeding with plans to secure fresh $1.5 billion financing from the World Bank.

Atiku’s position followed reports that the Federal Government is discussing three proposed World Bank financing facilities worth $500 million each for climate resilience, social protection and early childhood development.

The proposed facilities are still at different stages of preparation and approval and have not yet been concluded as loans. The development comes as Nigeria’s public debt rose to ₦166.79 trillion as of June 30, 2026, according to figures from the Debt Management Office (DMO).

In a statement issued by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, Atiku accused the Tinubu administration of demanding continued sacrifices from Nigerians while accumulating more debt.

“With public debt at N166.79 trillion, Tinubu is now seeking another $1.5 billion from the World Bank. The President must first account for the money already borrowed,” Atiku said.

He argued that the rising debt burden was difficult to reconcile with the economic hardship being experienced by many Nigerians.

“Families are struggling to afford food, fuel and electricity, yet the debt continues to climb. Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?” he asked.

Atiku said Nigeria’s public debt had increased significantly in recent years, arguing that the government should provide Nigerians with a detailed account of how previous borrowings had been utilised.

“If Nigeria’s public debt were divided among everyone, each person’s share would be ₦716,822 today. Three years ago, it was ₦383,442. That is an 87 per cent increase,” he said.

He questioned the government’s record on the utilisation of borrowed funds and asked what projects had been delivered with the money already obtained.

“Tinubu has made today difficult and tomorrow more uncertain. He cannot keep loading debt onto the country and expect Nigerians to applaud programme titles. What has this government built? Who has benefited? Why should Nigerians trust him with another term in office?” he said.

The ADC candidate also acknowledged that the proposed World Bank programmes were targeted at areas of genuine need, but insisted that the government should provide details on how the funds would be used.

“The proposed $500 million facilities for climate resilience, social protection and early childhood development address real need. But worthy programme names cannot stand in for a public account of how previous loans were spent or a clear plan for delivering measurable results,” he said.

Atiku called for the publication of the projects to be financed, communities and citizens expected to benefit, programme targets, borrowing terms and disbursement arrangements before the facilities are concluded.

He said climate resilience programmes should have identifiable projects such as land restoration, irrigation and flood protection, while social protection interventions should clearly identify beneficiaries and timelines.

He also called for measurable outcomes in early childhood development, particularly in nutrition, healthcare and learning.

The proposed $1.5 billion financing package comprises three separate $500 million facilities. One is additional financing for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, another is for the Nigeria Early Childhood Development programme, while the third is the Household Prosperity and Empowerment–Social Protection Project. World Bank documents indicate that the facilities are at different stages of preparation.

Atiku further questioned the government’s decision to continue borrowing despite its claims of increased revenue and savings following the removal of the petrol subsidy.

“If more money is coming in, why does the debt keep climbing? If Nigerians have sacrificed so much, where are the results? A government cannot keep announcing savings, signing loans and asking the same struggling families to wait for relief,” he said.

He maintained that the central issue should no longer be the number of development programmes announced by the administration but the tangible projects and services Nigerians can see, use and independently verify.

“Show us the money already received. Show us what it built. Show us who benefited. Account for the debt already on Nigeria’s books before borrowing another dollar,” Atiku said.