Vice President Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), has called on President Bola Tinubu's administration to account for existing borrowings before securing a proposed $1.5 billion World Bank loan. Atiku made the call in a statement by the Director of Strategic Communications, ADC Presidential Campaign Council, Phrank Shaibu. The statement cited Nigeria's public debt at N166.79 trillion and argued that the proposed borrowing would further increase the financial burden on citizens.
Atiku's call comes amid concerns over Nigeria's rising debt profile and the impact of government borrowing on citizens. He said Nigerians deserved greater transparency on how previous loans had been spent and the results achieved before the Federal Government incurred additional debt. The per capita share of Nigeria's public debt had risen to N716,822 from N383,442 three years earlier, representing an 87 percent increase.
The Federal Government is seeking a fresh World Bank $1.5 billion loan to expand social protection, improve early childhood development, and scale up climate-resilient interventions. Documents from the World Bank show that the proposed financing comprises three separate $500m International Development Association (IDA) credits, rather than a single $1.5 billion loan. The facilities are targeted at household welfare, human capital development, and climate resilience.
According to data from the Debt Management Office (DMO), Nigeria's total public debt climbs to N166.79 trillion. The outstanding balance of the securitised Ways and Means debt fell to N22.106 trillion as of June 30, 2026, from N22.719 trillion at the end of March, representing a quarter-on-quarter decline of 2.70 percent. The reduction coincided with the expiration of the three-year moratorium on principal repayment granted when the debt was securitised in 2023.
The securitised Ways and Means balance remained unchanged for about three years before entering a phase of decline. Despite the decline, the securitised debt remained a substantial part of the Federal Government's domestic obligations, accounting for 25.41 percent of the total FGN domestic debt stock and 34.09 percent of all FGN bonds at the end of June.
Atiku also questioned the impact of the government's borrowing on Nigerians, saying, "Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?" He called on the government to publish details of the projects to be financed, the communities and citizens expected to benefit, programme targets, borrowing and disbursement terms, and a timetable for monitoring implementation.
The latest DMO figures put Nigeria's total public debt at $120.93 billion, comprising $54.52 billion in external debt and $66.41 billion in domestic debt. Ways and Means Advances are temporary loans granted by the Central Bank of Nigeria (CBN) to the Federal Government to address shortfalls between government revenue and expenditure.
Key points
- Atiku Abubakar urges accountability for existing debt before securing $1.5 billion World Bank loan.
- Nigeria's public debt stands at N166.79 trillion.
- The proposed World Bank loan comprises three separate $500m IDA credits.
