Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has challenged President Bola Tinubu’s administration to explain how previous borrowings were used before proceeding with the proposed $1.5bn World Bank loan.
Atiku made the demand following reports that the Federal Government is considering three World Bank financing facilities worth a combined $1.5 billion. The proposed facilities are expected to support climate resilience, social protection and early childhood development programmes.
The former vice president spoke through Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.
His comments came as Nigeria’s public debt reached ₦166.79 trillion at the end of June 2026, according to figures from the Debt Management Office.
The latest figure represents an increase from ₦159.35 trillion recorded at the end of March 2026. It also represents a rise of ₦14.39 trillion compared with the ₦152.40 trillion recorded in June 2025.
$1.5bn World Bank Loan Raises Fresh Questions
Atiku questioned the plan to take on additional debt while Nigerians continue to deal with rising living costs.
According to him, families are already struggling with the cost of food, fuel and electricity, making transparency over government borrowing increasingly important.
He argued that the Federal Government should first provide Nigerians with a clear account of previous loans and the projects those funds were used to finance.
Atiku also questioned the gap between the government’s claims of increased revenue and the continued growth in public debt.
The proposed World Bank financing is not one single $1.5 billion facility. Available reports indicate that it consists of three separate $500 million financing packages. They are focused on climate resilience, social protection and early childhood development.
Atiku Wants Details of Previous Borrowing
The ADC presidential candidate said the government should publish details that would allow Nigerians to track the proposed projects from funding to implementation.
He called for information on the projects to be financed, the communities expected to benefit, the targets attached to each programme and the conditions surrounding the borrowing.
He also asked the government to provide a timetable that would allow citizens to monitor how the funds are eventually spent.
Atiku said climate-related funding should produce visible projects, while social protection programmes should clearly identify beneficiaries.
He similarly called for measurable results from investments in early childhood development, including improvements in nutrition, healthcare and learning.
Nigeria’s Debt Burden
The latest debt figures have intensified the discussion around additional borrowing.
Nigeria’s total public debt stood at ₦166.79 trillion as of June 30, 2026. Of that amount, domestic debt accounted for ₦91.59 trillion, while external debt stood at ₦75.20 trillion.
The World Bank is already one of Nigeria’s major multilateral creditors. World Bank data showed Nigeria’s exposure to the International Development Association at about $19.14 billion and its International Bank for Reconstruction and Development exposure at about $1.84 billion as of June 30, 2026.
The proposed new financing would therefore add to Nigeria’s existing obligations to the World Bank Group if approved and disbursed.
Atiku Questions Government’s Economic Record
Atiku also challenged the administration to reconcile its borrowing plans with its claims that government revenue has improved and that reforms have created savings.
He questioned why the country’s debt continues to rise if more resources are now available to government.
For Atiku, the central issue is not simply the size of the proposed $1.5bn World Bank loan, but whether Nigerians can identify clear results from the money already borrowed.
He urged the Federal Government to demonstrate what previous loans have achieved and identify the Nigerians who have benefited from them.
The former vice president said the government should provide evidence of how existing debt has been used before taking on additional obligations.
The proposed World Bank facilities remain subject to the lender’s preparation and approval processes.
For now, the debate over the new borrowing is centred on two issues: the need for the proposed programmes and the level of accountability surrounding Nigeria’s growing debt.
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