‘Account For N166.79trillion Debt Before Undertaking Fresh Borrowing’ — Atiku Slams Tinubu Over Proposed $1.5billion World Bank Loan | Sahara Reporters

Atiku’s position was contained in a statement issued on Monday, September 28, 2026, by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.

Former Vice President and African Democratic Congress (ADC) presidential candidate for the 2027 general elections, Atiku Abubakar, has challenged President Bola Tinubu to account for Nigeria’s existing N166.79 trillion debt before seeking another $1.5 billion in financing from the World Bank.

Atiku’s position was contained in a statement issued on Monday, September 28, 2026, by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.

Atiku’s challenge came amid reports that the Nigerian Government is in discussions with the World Bank for three proposed financing facilities worth a combined $1.5 billion, even as Nigeria’s public debt rose to N166.79 trillion as of June 30, 2026.

The proposed World Bank facilities comprise three separate $500 million financings targeting climate resilience, social protection and early childhood development. The facilities are at different stages of preparation and have not all been approved.

Atiku argued that the government should first demonstrate what previous borrowings have achieved before taking on additional debt.

“Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?” Atiku asked.

According to him, Nigeria’s rising debt burden has come as families continue to struggle with the cost of food, transportation, electricity and other necessities.

The Debt Management Office (DMO) reported that Nigeria’s total public debt increased from N159.35 trillion at the end of the first quarter of 2026 to N166.79 trillion by June 30, 2026.

The figure comprised N91.59 trillion in domestic debt and N75.20 trillion in external debt.

The Nigerian government accounted for N152.77 trillion of the total debt stock, while states and the Federal Capital Territory accounted for N14.01 trillion, according to the DMO figures.

Atiku said the debt burden amounted to an estimated N716,822 for every Nigerian, compared with N383,442 three years ago.
“That is an 87 per cent increase,” he said. “Tinubu has made today difficult and tomorrow more uncertain. He cannot keep loading debt onto the country and expect Nigerians to applaud programme titles.
“What has this government built? Who has benefited? Why should Nigerians trust him with another term in office?”

The World Bank documents reportedly show that the proposed $1.5 billion package consists of three $500 million facilities.
The most advanced is an additional $500 million financing for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project.

The World Bank has scheduled October 29, 2026, for consideration of the facility by its board. If approved, total financing for ACReSAL would rise from $700 million to $1.2 billion.

The other proposed facilities are focused on social protection and early childhood development.

Atiku acknowledged that the proposed programmes address important areas but said the government must provide details showing how the funds would be used and what Nigerians should expect in return.
“The proposed $500 million facilities for climate resilience, social protection and early childhood development address real needs,” he said.

“But worthy programme names cannot stand in for a public account of how previous loans were spent or a clear plan for delivering measurable results.”

He demanded that the government publish details of the projects to be financed before the loans are concluded.

“Before these loans are concluded, the government must publish the projects to be funded, the communities and citizens expected to benefit, the targets for each programme, the terms of borrowing and disbursement, and a timetable Nigerians can use to track delivery,” Atiku said.

“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.”

Atiku also questioned the government’s borrowing plans in light of its repeated claims of increased revenue and savings following the removal of the petrol subsidy.
“If more money is coming in, why does the debt keep climbing? If Nigerians have sacrificed so much, where are the results?” he asked.

“A government cannot keep announcing savings, signing loans and asking the same struggling families to wait for relief.”

Atiku said the key issue was no longer the number of development programmes announced by the government but whether Nigerians could see and independently verify their results.

“Show us the money already received. Show us what it built. Show us who benefited,” Atiku said. “Account for the debt already on Nigeria’s books before borrowing another dollar.”
The latest World Bank data also show that Nigeria has several active and recently approved World Bank-financed programmes, including a $500 million agricultural value-chain project approved in March 2026 and $1.25 billion in financing for investment and jobs acceleration approved in June 2026.

Atiku’s latest criticism added to his previous calls for the Tinubu administration to provide a detailed reconciliation of Nigeria’s borrowings, debt repayments, and expenditure as the country’s debt stock continues to rise.