Atiku faults FG over fresh $1.5bn World Bank loan

File: President Bola Tinubu and Atiku Abubakar.

The African Democratic Congress presidential candidate, Atiku Abubakar, has charged President Bola Tinubu to account for Nigeria’s existing debt before the Federal Government proceeds with its proposed $1.5bn World Bank borrowing.

Atiku’s demand came as fresh World Bank documents showed that the Federal Government is discussing three proposed financing facilities worth $1.5bn, comprising $500m each for climate resilience, social protection and early childhood development.

The proposed borrowing comes against the backdrop of Nigeria’s total public debt rising to ₦166.79tn as of June 30, 2026, according to the Debt Management Office.

The latest DMO figure represents an increase of ₦14.39tn, or 9.44 per cent, from the ₦152.40tn recorded at the end of June 2025.

Reacting to the proposed World Bank facilities, Atiku said the government should first account for how funds already borrowed had been deployed and demonstrate the benefits delivered to Nigerians.

In a statement issued on Monday by his Director of Strategic Communications, Phrank Shaibu, the former vice president said Nigerians had been subjected to difficult economic reforms while the country’s borrowing continued to rise.

“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.

He questioned the widening gap between the government’s claims of increased revenue and savings from the removal of petrol subsidy and the continued accumulation of public debt.

“If more money is coming in, why does the debt keep climbing? If Nigerians have sacrificed so much, where are the results?” he asked.

The proposed $1.5bn financing consists of three separate $500m facilities at different stages of preparation.

The most advanced is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project. The World Bank has scheduled October 29, 2026, for consideration of the facility by its board. If approved, it would increase the project’s total financing from $700m to $1.2bn.

The other proposed facilities are a $500m Nigeria Early Childhood Development programme and a $500m Household Prosperity and Empowerment–Social Protection Project, with both currently projected for consideration in March 2027.

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The World Bank’s current country programme places considerable emphasis on early childhood development, social protection and building resilience among vulnerable households. Its April 2026 Nigeria Development Update said household incomes had yet to fully recover and poverty remained high, while stressing the need for targeted support to vulnerable households and stronger investment in human capital.

The proposed ACReSAL financing is similarly targeted at issues including land degradation, water insecurity, climate vulnerability, erosion and flooding, with the project covering 19 northern states and the Federal Capital Territory.

Atiku acknowledged that the objectives of the proposed programmes addressed genuine development needs but argued that the social value of the projects should not substitute for transparency over existing borrowing.

“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,” he added.

He also challenged the administration to provide Nigerians with a clear account of previous loans and the projects or programmes financed with them.

“Show us the money already received. Show us what it built. Show us who benefited. Account for the debt already on Nigeria’s books before borrowing another dollar,” Atiku said.

Nigeria has previously obtained substantial World Bank financing under the Tinubu administration. In June 2024, the World Bank approved a $1.5bn Development Policy Financing programme for Nigeria, alongside a separate $750m programme aimed at accelerating resource mobilisation reforms.

The Bank said the financing was intended to support economic stabilisation, protect vulnerable Nigerians and strengthen domestic revenue mobilisation.

The latest proposal, however, remains subject to the World Bank’s approval process and should not be treated as money already disbursed to the Federal Government.

Atiku’s intervention places the emphasis on the transparency and measurable outcomes of existing borrowing as the government seeks additional financing for new development programmes.

He said the central issue was no longer the number of programmes announced by the government but whether Nigerians could identify, use and independently verify the results of the funds already borrowed.