The presidential candidate of the African Democratic Congress, Atiku Abubakar, has called on President Bola Tinubu’s administration to account for Nigeria’s existing debts before proceeding with plans to secure another $1.5bn from the World Bank.
Atiku’s position followed the emergence of World Bank documents showing that the Federal Government is considering three separate financing facilities worth $500m each.
The proposed loans are targeted at climate resilience, social protection and early childhood development.
The planned borrowing comes as Nigeria’s public debt continues to rise. According to the Debt Management Office, the country’s total public debt stood at ₦166.79tn as of June 30, 2026, representing an increase of ₦14.39tn, or 9.44 per cent, from the ₦152.40tn recorded a year earlier.
Reacting to the proposed World Bank financing, Atiku argued that the government should first disclose how funds previously borrowed had been spent and the benefits Nigerians had received from them.
In a statement issued on Monday by his Director of Strategic Communications, Phrank Shaibu, the former vice president said Nigerians had endured difficult economic reforms while the country’s debt burden continued to increase.
“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 also questioned the continued increase in public debt despite government claims of higher 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.
The proposed $1.5bn World Bank financing comprises three separate $500m facilities at different stages of development.
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The facility closest to consideration is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL. The World Bank has scheduled October 29, 2026, for its board to consider the proposed financing.
If approved, the additional funding would increase the project’s overall financing from $700m to $1.2bn.
The other two proposals are a $500m Nigeria Early Childhood Development programme and a $500m Household Prosperity and Empowerment–Social Protection Project. Both are currently projected to be considered by the World Bank in March 2027.
The World Bank’s country programme for Nigeria places emphasis on early childhood development, social protection and measures aimed at improving the resilience of vulnerable households.
Its April 2026 Nigeria Development Update said household incomes had not fully recovered and poverty remained high, while highlighting the importance of targeted assistance for vulnerable Nigerians and greater investment in human capital.
The proposed ACReSAL financing is focused on challenges such as land degradation, water insecurity, climate vulnerability, erosion and flooding. The project covers 19 northern states and the Federal Capital Territory.
Atiku acknowledged that the proposed programmes addressed genuine development challenges but insisted that their objectives should not replace the need for transparency over Nigeria’s existing debts.
“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 further demanded a detailed account of loans previously obtained by the Federal Government and the projects or programmes financed with the funds.
“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.
The Federal Government has previously secured substantial World Bank financing under the Tinubu administration. In June 2024, the bank approved a $1.5bn Development Policy Financing programme for Nigeria, as well as a separate $750m programme focused on resource mobilisation reforms.
The World Bank said those facilities were designed to support economic stabilisation, protect vulnerable Nigerians and improve domestic revenue mobilisation.
However, the latest $1.5bn proposal has not yet been approved or disbursed. It remains subject to the World Bank’s approval process.
Atiku’s latest criticism centres on the government’s management of existing borrowing and the need for Nigerians to be able to track the outcomes of funds already obtained.
He argued that the key issue should not simply be the number of programmes announced, but whether the public can clearly identify and independently verify what previous loans have achieved.