Former vice president and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has faulted the Federal Government’s plan to secure fresh $1.5 billion financing from the World Bank.
Atiku’s position followed reports that the Federal Government was in discussions with the World Bank for three proposed financing facilities worth $500 million each, targeting climate resilience, social protection and early childhood development.
The proposed borrowing comes as the latest figures from the Debt Management Office, DMO, show that Nigeria’s public debt rose to N166.79 trillion as of June 30, 2026, from N159.35 trillion three months earlier.
In a statement issued on Monday by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council, Atiku said the government should first account for the funds it had already borrowed before taking on additional 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 criticised the administration’s economic management, arguing that Nigerians had endured difficult reforms while the country’s debt stock continued to rise.
“Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?” the former Vice President asked.
According to Atiku, Nigeria’s debt burden had increased significantly, with each citizen’s implied share rising from N383,442 three years ago to N716,822 currently.
He questioned the government’s decision to pursue additional borrowing despite its repeated claims of increased revenue and savings from 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.
The proposed $1.5 billion financing comprises three separate $500 million facilities. The most advanced is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, which the World Bank is expected to consider on October 29, 2026.
Atiku acknowledged the importance of the areas targeted by the proposed facilities but said the government must provide Nigerians with details on how the funds would be used and how implementation would be monitored.
He demanded the publication of the projects to be financed, communities and beneficiaries targeted, programme targets, borrowing and disbursement terms, as well as a timetable for assessing delivery.
“Climate resilience must mean identifiable land restored, irrigation delivered and communities protected from flooding. Social protection must identify who receives support and when. Early childhood development must produce measurable gains in nutrition, healthcare and learning,” he said.
Atiku further challenged the administration to reconcile its borrowing plans with its claims that the removal of the petrol subsidy had freed resources for development.
He said the government could not continue announcing savings and development programmes while accumulating fresh liabilities without providing Nigerians with evidence of results.
“The question before Tinubu is no longer how many development programmes his government can name, but what Nigerians can see, use and independently verify,” Atiku said.
“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.”
