By Oscar Okhifo
The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has challenged President Bola Tinubu to account for funds already borrowed by the Federal Government before seeking another $1.5 billion loan from the World Bank.
Atiku made the demand in a statement issued on Monday and signed by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu.
The former Vice President accused the Tinubu administration of imposing hardship on Nigerians while continuing to increase the country’s debt burden.
He cited Nigeria’s public debt of ₦166.79 trillion and argued that the government should demonstrate what previous borrowings had delivered before contracting additional loans.
According to Atiku, Nigerians were asked to endure painful economic reforms, including the removal of petrol subsidy, on the promise that the measures would free up resources for development.
“Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?” he asked.
Atiku said the rising debt profile had increased the burden on citizens and raised questions about the effectiveness and transparency of government spending.
“If Nigeria’s public debt were divided among everyone, each person’s share would be ₦716,822 today. Three years ago, it was ₦383,442. That is an 87 per cent increase,” he said.
“Tinubu has made today difficult and tomorrow more uncertain. He cannot keep loading debt onto the country and expect Nigerians to applaud programme titles. What has this government built? Who has benefited?”
While acknowledging that the proposed $500 million facilities for climate resilience, social protection and early childhood development address important national needs, Atiku said the objectives of the programmes should be matched by clear disclosure of how the funds would be used.
He called on the Federal Government to publish details of the proposed facilities before they are concluded.
“Before these loans are concluded, the government must publish the projects to be funded, the communities and citizens expected to benefit, the targets for each programme, the terms of borrowing and disbursement, and a timetable Nigerians can use to track delivery,” he said.
He added that the impact of the proposed programmes should be measurable.
“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.”
Atiku also questioned the continued reliance on borrowing despite the Federal Government’s claims of increased revenue following 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.
“A government cannot keep announcing savings, signing loans and asking the same struggling families to wait for relief.”
He urged the government to provide Nigerians with verifiable evidence of how previous loans had been utilised.
“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.
Nigeria’s public debt stood at ₦166.79 trillion as of June 30, 2026, according to the Debt Management Office (DMO), comprising the domestic and external obligations of the Federal Government, state governments and the Federal Capital Territory. The figure represented an increase from ₦152.40 trillion recorded at the end of June 2025.
The proposed World Bank financing consists of three separate $500 million facilities targeting climate resilience, social protection and early childhood development. The facilities are at different stages of the World Bank’s approval process.
The proposed borrowing has renewed debate over Nigeria’s debt sustainability, the effectiveness of public spending and the need for greater transparency in the implementation of government-funded programmes.
Atiku’s comments come amid broader calls for government agencies to provide clearer information on the projects financed through domestic and external borrowing and demonstrate their impact on citizens.