Former Vice President Atiku Abubakar has expressed concerns over the Federal Government's plan to secure a fresh $1.5 billion financing from the World Bank. According to reports, the government is in discussions with the World Bank for three proposed financing facilities worth $500 million each, targeting climate resilience, social protection, and early childhood development. Atiku's position on the matter was made known through a statement issued by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.
The proposed borrowing comes as Nigeria's public debt continues to rise. According to the Debt Management Office (DMO), the country's public debt stood at N166.79 trillion as of June 30, 2026, up from N159.35 trillion three months earlier. Atiku criticized the administration's economic management, arguing that Nigerians have endured difficult reforms while the country's debt stock continues to rise. He questioned the government's decision to pursue additional borrowing despite its repeated claims of increased revenue and savings from the removal of the petrol subsidy.
Atiku emphasized that Nigeria's debt burden has increased significantly, with each citizen's implied share rising from N383,442 three years ago to N716,822 currently. He demanded that the government provide Nigerians with details on how the funds would be used and how implementation would be monitored. Atiku also called for the publication of the projects to be financed, communities and beneficiaries targeted, programme targets, borrowing and disbursement terms, as well as a timetable for assessing delivery.
The proposed $1.5 billion financing comprises three separate $500 million facilities. The most advanced is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, which the World Bank is expected to consider on October 29, 2026. Atiku acknowledged the importance of the areas targeted by the proposed facilities but insisted that the government must provide transparency in the use of funds.
Atiku challenged the administration to reconcile its borrowing plans with its claims that the removal of the petrol subsidy had freed resources for development. He argued that the government cannot continue announcing savings and development programmes while accumulating fresh liabilities without providing Nigerians with evidence of results. Atiku emphasized that Nigerians want to see tangible results from the funds borrowed and used.
Atiku further questioned the government's decision to borrow additional funds without accounting for the money already borrowed. He demanded that the government show Nigerians the money already received, what it built, and who benefited. Atiku emphasized that the government must account for the debt already on Nigeria's books before borrowing another dollar.
The former Vice President concluded by emphasizing that the question before President Tinubu is no longer how many development programmes his government can name, but what Nigerians can see, use, and independently verify. Atiku's criticism of the government's borrowing plan highlights the need for transparency and accountability in the management of Nigeria's debt.
Key points
- Atiku Abubakar criticizes Tinubu's plan to borrow $1.5bn from World Bank, citing rising public debt and lack of transparency in fund usage.
- Nigeria's public debt stands at N166.79 trillion as of June 30, 2026.
- Atiku demands transparency in the use of funds and accountability for the debt already on Nigeria's books.
