Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has challenged President Bola Tinubu’s administration to account for funds already borrowed before proceeding with the Federal Government’s proposed $1.5 billion financing from the World Bank.
Atiku made the demand following reports that the Federal Government is seeking three separate $500 million financing facilities from the World Bank, targeted at climate resilience, social protection and early childhood development.
The call came as Nigeria’s public debt rose to N166.79 trillion as of June 30, 2026, according to figures from the Debt Management Office (DMO).
The debt stock comprises N91.59 trillion in domestic debt and N75.20 trillion in external debt, while the Federal Government’s total debt stood at N152.77 trillion.
In a statement signed on Monday, the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, said Atiku argued that the rising debt burden made it necessary for the government to provide Nigerians with a detailed account of how previous loans had been utilised and the results achieved.
He questioned the government’s continued borrowing amid Nigeria’s rising public debt and the economic hardship faced by citizens.
Atiku noted that the government’s economic record was increasingly difficult to reconcile with the hardship experienced by Nigerians, particularly the rising cost of food, fuel and electricity.
According to the former vice president, “Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?”
Atiku also claimed that if Nigeria’s public debt were distributed among the population, each Nigerian would effectively carry a debt burden of about N716,822, compared with N383,442 three years ago, representing an 87 per cent increase.
He said the administration could not continue accumulating liabilities while asking Nigerians to wait for the benefits of its economic policies.
According to him, the government must show Nigerians what has been built with funds already borrowed, identify those who benefited and demonstrate how the borrowing has improved living conditions.
While acknowledging that the sectors targeted by the proposed World Bank financing addressed important national needs, Atiku called for greater transparency before the facilities are concluded.
The proposed financing comprises $500 million in additional funding for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, $500 million for social protection and another $500 million for early childhood development.
Atiku urged the government to publish details of the projects to be financed, the communities and citizens expected to benefit, specific targets, borrowing terms, disbursement arrangements and implementation timelines.
He stressed that climate resilience programmes should result in identifiable projects, including land restoration, irrigation and flood protection, while social protection programmes should clearly identify beneficiaries and specify when support would be delivered.
He also called for measurable outcomes from investments in early childhood development, particularly in nutrition, healthcare and learning.
The former vice president further questioned the continued accumulation of debt despite the Federal Government’s repeated 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?” he asked.
Atiku argued that increased government revenue should translate into visible improvements in infrastructure, public services and living conditions rather than continued accumulation of public debt.
He therefore called on the Tinubu administration to provide a comprehensive account of Nigeria’s existing liabilities, including funds already received, projects financed, beneficiaries and measurable outcomes.
“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 added.