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Former Vice President and ADC presidential candidate, Atiku Abubakar, has challenged the Federal Government to account for existing borrowings before proceeding with plans to secure another $1.5 billion in financing from the World Bank.
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Atiku said the demand for accountability had become necessary as Nigeria’s total public debt climbed to ₦166.79 trillion as of June 30, 2026, representing a ₦7.44 trillion increase in just three months
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The proposed World Bank financing consists of three separate $500 million facilities targeting climate resilience, social protection and early childhood development. Atiku acknowledged the importance of the programmes but demanded details of how earlier loans were spent and what measurable results they produced.
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The ADC presidential candidate also questioned the continued rise in government borrowing despite official claims of increased revenue and savings from petrol subsidy removal.
September 28, (THEWILL) – Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has demanded that the Federal Government account for existing borrowings before proceeding with its proposed $1.5 billion World Bank loan.
Atiku made the demand in a statement issued on Monday by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, amid renewed concerns over the country’s rising public debt.
The latest DMO figures show that Nigeria’s total public debt rose to ₦166.79 trillion as of June 30, 2026, from ₦159.35 trillion at the end of March, representing an increase of ₦7.44 trillion, or 4.7 percent, in three months. Year-on-year, the debt stock increased by ₦14.39 trillion, or 9.4 percent.
The DMO said the debt comprised ₦91.59 trillion in domestic obligations and ₦75.20 trillion in external debt. The Federal Government accounted for ₦152.77 trillion of the total, while states and the Federal Capital Territory accounted for ₦14.01 trillion.
The fresh borrowing proposal comes as the Federal Government is in discussions with the World Bank for three separate $500 million facilities, bringing the proposed financing to $1.5 billion.
According to documents on the proposed financing, the facilities are intended to support climate resilience, social protection and early childhood development programmes. One of the proposals, an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, is scheduled for consideration by the World Bank Board on October 29, 2026.
Reacting to the proposed borrowing, Atiku said Nigerians deserved greater transparency on how loans already secured by the government had been utilised and the results achieved.
“Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?” he asked.
Atiku further argued that the rising debt burden was placing additional pressure on citizens already grappling with increased costs of food, fuel and electricity.
He said if Nigeria’s public debt were distributed among the population, each Nigerian’s share would amount to about ₦716,822, compared with ₦383,442 three years earlier, which he described as an 87 percent increase.
“Tinubu has made today difficult and tomorrow more uncertain. He cannot keep loading debt onto the country and expect Nigerians to applaud programme titles”, he said.
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Demand For Full Disclosure
Although Atiku acknowledged that climate resilience, social protection and early childhood development addressed genuine national needs, he insisted that programme descriptions alone were insufficient justification for additional borrowing.
He called on the Federal Government to publish details of the projects to be financed, the communities and citizens expected to benefit, programme targets, borrowing and disbursement terms, as well as a clear timetable for monitoring implementation.
According to him, climate resilience should be reflected in identifiable projects such as restored land, improved irrigation and protection of communities against flooding.
He similarly demanded that social protection programmes clearly identify beneficiaries and specify when support would be delivered, while investments in early childhood development should produce measurable improvements in nutrition, healthcare and learning.
“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 stated.
Background
The latest controversy comes against the backdrop of a sustained rise in Nigeria’s public debt. The DMO’s June 2026 figures show that total debt increased from ₦152.40 trillion in June 2025 to ₦166.79 trillion a year later.
The proposed $1.5 billion World Bank financing would be added to Nigeria’s existing obligations if approved. The World Bank proposals are at different stages of preparation and approval, meaning the entire $1.5 billion has not yet been disbursed.
Atiku argued that the government should first demonstrate what previous borrowings had achieved before taking on additional obligations.
He also questioned the continued reliance on borrowing despite government claims that revenues had improved and that the removal of petrol subsidy had freed resources for development.
“If more money is coming in, why does the debt keep climbing? If Nigerians have sacrificed so much, where are the results?” he asked.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
