Former Vice President and ADC presidential candidate Atiku Abubakar has called on President Bola Tinubu's administration to provide a detailed account of existing borrowings before securing a proposed fresh $1.5 billion World Bank loan. In a statement issued on Monday by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, Atiku emphasized the need for greater transparency on how previous loans had been spent and the results achieved. This demand comes as Nigeria's public debt stands at ₦166.79 trillion.
Atiku's statement highlighted that the proposed borrowing would add to the financial burden on citizens already struggling with the cost of food, fuel, and electricity. He pointed out that Nigerians were promised that painful policies would free resources for development, but they have felt the pain without seeing the desired development. Atiku questioned the impact of previous loans, noting that if Nigeria's public debt were divided among the population, each person's share would amount to ₦716,822, compared with ₦383,442 three years earlier, representing an 87 per cent increase.
The former Vice President acknowledged that the proposed $500 million facilities for climate resilience, social protection, and early childhood development addressed genuine needs. However, he stressed that programme descriptions should be matched by clear details of how previous loans were spent. Atiku called on the government to publish the projects to be funded, communities and citizens expected to benefit, programme targets, borrowing and disbursement terms, as well as a timetable for tracking implementation.
Atiku emphasized the need for tangible results in the proposed programmes. He said that 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. This, he believes, will ensure accountability and transparency in the use of borrowed funds.
Atiku also questioned the need for additional borrowing amid government claims of increased revenue and savings from the removal of petrol subsidy. He asked, "If more money is coming in, why does the debt keep climbing? If Nigerians have sacrificed so much, where are the results?" This query underscores the concerns about the management of the country's finances and the impact of borrowing on the economy.
The former Vice President urged the government to demonstrate what previous borrowings had achieved before taking on additional debt. He demanded that the government show 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. This, he believes, is essential for transparency and accountability.
Atiku's demand for transparency and accountability in the management of Nigeria's debt comes as the country continues to grapple with economic challenges. The government's ability to provide a clear account of existing borrowings and demonstrate the impact of previous loans will be crucial in determining the success of future borrowing initiatives. The proposed $1.5 billion World Bank loan is intended to support development projects, but its effectiveness will depend on the government's ability to manage the funds transparently and efficiently.
Key points
- Atiku Abubakar demands account of existing debt before fresh $1.5bn loan.
- Nigeria's public debt stands at ₦166.79 trillion.
- Atiku emphasizes need for transparency and accountability in management of Nigeria's debt.
