ABUJA: Former Vice President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has challenged President Bola Tinubu’s administration to account for Nigeria’s existing ₦166.79 trillion public debt before proceeding with plans to secure another $1.5 billion World Bank loan.
Atiku made the call on Monday through a statement issued by Phrank Shaibu, Director of Strategic Communications for the ADC Presidential Campaign Council.
The former Vice President questioned the Federal Government’s continued reliance on borrowing while Nigerians face rising costs of food, fuel and electricity.
According to Atiku, Nigeria’s growing debt burden raises questions about how funds from previous borrowings have been utilised and the extent to which Nigerians have benefited from government spending.
With public debt at ₦166.79 trillion, President Tinubu is now seeking another $1.5 billion from the World Bank. The President must first account for the money already borrowed,” Atiku said.
The ADC presidential candidate argued that Nigerians have already endured what he described as significant economic sacrifices following government policies introduced under the Tinubu administration.
He questioned whether those sacrifices have translated into visible development and improved living conditions.
Atiku cited a calculation that, if Nigeria’s public debt were shared among the population, the equivalent burden would be about ₦716,822 per person, compared with ₦383,442 three years earlier.
He described the figures as an 87 per cent increase and questioned the justification for further borrowing.
“President Tinubu has made today difficult and tomorrow more uncertain,” Atiku said, according to the statement.
He also questioned what the administration had built with funds already borrowed and who had benefited from the government’s economic programmes.
Atiku specifically raised concerns about the proposed $1.5 billion World Bank facilities, which are intended to support areas including climate resilience, social protection and early childhood development.
While acknowledging the stated objectives of the programmes, he called for greater transparency before the facilities are concluded.
He said the Federal Government should 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 timetable that would enable Nigerians to monitor implementation.
Atiku said climate resilience projects should have clearly identifiable outcomes, while social protection programmes should specify beneficiaries and delivery timelines.
He also called for measurable results in early childhood development, particularly in nutrition, healthcare and learning.
The former Vice President further questioned the relationship between the Federal Government’s claims of increased statutory revenue and savings from the removal of petrol subsidy and its continued pursuit of foreign loans.
“If more money is coming in, why does the debt keep climbing?” Atiku asked.
He also questioned why Nigerians were being asked to continue making sacrifices while government borrowing increased.
The comments come amid an ongoing national debate over Nigeria’s debt level, government borrowing and how borrowed funds are being deployed.
Atiku said the government should demonstrate how existing loans have translated into tangible benefits before taking on additional debt.
