Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has demanded an explanation for Nigeria’s N166.79 trillion public debt before the Federal Government takes on another $1.5 billion in proposed World Bank financing.
The proposed borrowing consists of three separate $500 million facilities targeting climate resilience, social protection and early childhood development.
Atiku, however, said the government should first show Nigerians what the money already borrowed had achieved.
He 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.”
Nigeria’s public debt stood at N166.79 trillion as of June 30, 2026, according to the figures cited in Atiku’s statement.
He further calculated that the debt burden amounted to about N716,822 for every Nigerian, compared with N383,442 three years earlier, representing an 87 per cent increase.
Atiku questioned the continued rise in borrowing despite government claims of higher revenue and increased resources 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.
The ADC candidate said the names of the proposed World Bank programmes should not be enough to convince Nigerians that the loans would produce tangible results.
“Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?” he asked.
The earliest of the proposed facilities is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, which is scheduled for consideration by the World Bank board on October 29, 2026.
If approved, the additional financing would raise the World Bank’s total financing for ACReSAL from $700 million to $1.2 billion.
Atiku said he was not opposed to the areas targeted by the proposed financing, but insisted that the government must provide Nigerians with verifiable details of how the funds would be used.
He demanded publication of the projects, beneficiary communities, programme targets, loan and disbursement terms and delivery timelines.
For climate resilience, he said Nigerians should be able to identify actual land restoration and irrigation projects as well as communities protected from flooding.
He also demanded identifiable beneficiaries and delivery dates for the proposed social protection programme, while asking for measurable improvements in nutrition, healthcare and learning from the early childhood intervention.
Atiku said the administration must demonstrate the results of existing borrowing before adding to the country’s financial obligations.
“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.
The statement was issued by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.
