Atiku to Tinubu: Account for Past Loans Before Seeking Fresh $1.5bn

•Says N166.79trn debt burden demands greater transparency

Chuks Okocha in Abuja

Former Vice President and African Democratic Congress (ADC) presidential candidate, Alhaji Atiku Abubakar, has urged President Bola Tinubu administration to account for previous borrowings before proceeding with the proposed fresh $1.5 billion World Bank financing.

In a statement issued yesterday by Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, Atiku questioned the need for additional borrowing amid Nigeria’s rising public debt, which stood at N166.79 trillion as of June 30, 2026, according to the latest figures from the Debt Management Office (DMO).

The federal government is currently in discussions with the World Bank on three proposed $500 million facilities, totalling $1.5 billion, to finance programmes covering climate resilience, social protection, and early childhood development. The proposed facilities are at different stages of preparation and approval.

Atiku accused the Tinubu administration of demanding continued sacrifices from Nigerians while pursuing additional borrowing.

“With public debt at N166.79 trillion, Tinubu is now seeking another $1.5 billion from the World Bank,” he said, insisting that the president should first account for funds already borrowed.

Atiku said the government’s economic stewardship had come under scrutiny as Nigerians continued to grapple with the effects of higher living costs.

He stated, “Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?”

He also cited a rise in the estimated per-capita share of public debt, saying it has increased from N383,442 three years ago to N716,822 currently, representing an 87 per cent increase.

“Tinubu has made today difficult and tomorrow more uncertain,” he said, quoting his own assessment of the administration’s borrowing record. “He cannot keep loading debt onto the country and expect Nigerians to applaud programme titles,” Atiku added.

Atiku questioned the gap between the government’s borrowing and the benefits Nigerians were expected to derive from the programmes being financed.

He said, “What has this government built? Who has benefited? Why should Nigerians trust him with another term in office?”

He acknowledged that the proposed $500 million facilities for climate resilience, social protection, and early childhood development addressed important national needs.

But Atiku said the programme’s objectives should be accompanied by greater transparency on how borrowed funds would be used.

“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 on the federal government to publish details of the projects to be funded, the communities and citizens expected to benefit, targets for each programme, the terms of the proposed borrowing and disbursement schedules.

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

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

Atiku challenged the government to reconcile its continued borrowing with its claims of increased revenues and savings arising from the removal of 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.

He said the government should be judged not by the number of programmes it announced but by the projects and outcomes Nigerians could see, use, and independently verify.

He told Tinubu, “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.”