Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has called on President Bola Ahmed Tinubu's administration to provide a detailed account of how previous borrowings have been utilised. This comes as the Federal Government seeks a fresh $1.5 billion World Bank loan. Atiku's position was made public in a statement issued on Monday in Abuja by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu.
Atiku's statement was triggered by reports that the Federal Government is seeking a new loan from the World Bank. The former vice president emphasised the need for transparency and accountability in the management of public debt, which currently stands at N166.79 trillion. He noted that Nigerians had been asked to endure difficult economic reforms on the assurance that the measures would create fiscal space for development and improve living conditions.
According to Atiku, the increase in government borrowing requires greater transparency and accountability. He cited that if Nigeria's public debt were divided among everyone, each person's share would be N716,822 today, an 87 percent increase from three years ago when it was N383,442. Atiku argued that the rising debt burden should be matched by clearly identifiable projects and measurable improvements in the lives of Nigerians.
Atiku questioned the continued reliance on borrowing despite the Federal Government's claims of increased revenue and savings following the removal of the petrol subsidy. He also sought clarification on the proposed financing for areas such as climate resilience, social protection, and early childhood development. Atiku acknowledged that these areas address important national needs but stressed the need for full disclosure of how previous loans have been deployed.
The ADC presidential candidate called on the Federal Government to publish the projects to be financed, the communities and beneficiaries targeted, the performance indicators for each programme, the terms of the loans, and their disbursement schedules. He suggested that climate resilience projects should result in identifiable interventions such as land restoration, irrigation, and flood protection.
Atiku also emphasised the need for social protection programmes to clearly identify beneficiaries and the timing of support. He said early childhood development programmes should have measurable outcomes in nutrition, healthcare, and education. By making these demands, Atiku aims to ensure that Nigerians are informed about the utilisation of borrowed funds and the impact of new borrowing.
Atiku's statement concluded with a call for transparency and accountability in the management of public debt. He urged the Tinubu administration to provide Nigerians with a detailed account of how previous borrowings have been utilised before seeking additional loans. This, he believes, will help to build trust and ensure that borrowed funds are used effectively to address the country's economic challenges.
Key points
- Atiku Abubakar challenges President Tinubu's administration to account for existing debt before seeking a fresh $1.5 billion World Bank loan.
- The public debt of Nigeria currently stands at N166.79 trillion.
- Atiku demands transparency and accountability in the management of public debt.
