Atiku demands account of Tinubu’s loans before fresh borrowing

Titilayo Opeyemi

Former Vice-President and African Democratic Congress presidential candidate, Atiku Abubakar, has challenged President Bola Tinubu’s administration to account for previous borrowings before taking on fresh World Bank financing.

Atiku’s demand followed the Federal Government’s moves to secure three new World Bank facilities totalling $1.5bn, even as Nigeria’s public debt rose to ₦166.79tn as of June 30, 2026, according to the Debt Management Office.

The proposed facilities comprise $500m each for climate resilience, social protection and early childhood development, according to World Bank project documents reported on Monday.

In a statement issued by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council, Atiku said the programmes addressed important areas but argued that the government should first provide details of how previous loans had been used.

He called for the publication of the projects financed with earlier borrowings, the communities and citizens expected to benefit, programme targets, borrowing and disbursement terms, and timelines for tracking implementation.

Atiku also questioned the continued rise in Nigeria’s debt despite government claims of increased revenue and savings following the removal of the petrol subsidy.

Nigeria’s public debt rose from ₦159.35tn at the end of March to ₦166.79tn by June 30, representing a ₦7.44tn increase in three months, according to the DMO. Domestic debt accounted for ₦91.59tn, while external debt stood at about ₦75.20tn.

Atiku said the government should demonstrate the practical impact of its development programmes rather than rely on announcements.

“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.

He further questioned why borrowing continued despite what he described as increased government revenue.

“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 said Nigerians should be able to identify what previous borrowings had funded and who had benefited from them.

“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,” he said.

The ADC presidential candidate’s comments come as the Federal Government continues discussions with the World Bank over the proposed $1.5bn financing package.

The World Bank has scheduled October 29, 2026, as the estimated date for consideration of the proposed $500m additional financing for the Agro-Climatic Resilience in Semi-Arid Landscapes project.