Introduction

Former Vice President Atiku Abubakar has intensified pressure on President Bola Tinubu, demanding full disclosure of how borrowed funds have been utilized before the administration secures additional World Bank financing.

What Happened

Atiku’s challenge follows the Federal Government’s move to secure a fresh $1.5 billion World Bank loan, alongside $500 million facilities targeting climate resilience, social protection, and early childhood development. With Nigeria’s public debt now standing at N166.79 trillion, the ADC presidential candidate argues that Nigerians are being asked to bear rising living costs while the government continues to borrow despite claims of higher revenue and savings from petrol subsidy removal.

According to a statement by Phrank Shaibu, Director of Strategic Communications for the ADC Presidential Campaign Council, the administration must publish detailed information on each loan: the projects to be funded, the communities and citizens expected to benefit, specific targets for every programme, the terms of borrowing, and a clear disbursement timetable that Nigerians can use to track delivery.

Why This Matters

Atiku insists that worthy programme titles cannot substitute for a clear account of how previous loans have been spent. He points out that if Nigeria’s public debt were divided equally among its citizens, each person’s share would be ₦716,822 today — an 87 per cent increase from ₦383,442 three years ago. The core question, he says, is simple: if more money is coming in, why does the debt keep climbing, and where are the tangible results for struggling families?

The opposition leader further argues that a government cannot keep announcing savings, signing new loans, and expecting the same struggling families to wait indefinitely for relief. He insists that climate resilience must translate to identifiable land restoration, irrigation delivery, and flood protection; social protection must identify exactly who receives support and when; and early childhood development must produce measurable gains in nutrition, healthcare, and learning outcomes.

Key Takeaways

  • Atiku has challenged Tinubu to account for Nigeria’s growing public debt before approving new World Bank borrowing.
  • The government must disclose loan projects, beneficiaries, targets, borrowing terms, and a trackable disbursement schedule.
  • Nigeria’s per-capita debt has risen 87% in three years, now at ₦716,822 per person.
  • Atiku argues that climate resilience, social protection, and early childhood development programmes must show measurable, verifiable impact.
  • Without transparency, the opposition warns that continued borrowing will deepen fiscal pressure on ordinary Nigerians.

Conclusion

As Nigeria approaches another round of international borrowing, Atiku’s demand underscores a broader call for fiscal accountability and measurable development outcomes. The administration’s willingness to publish detailed loan information will likely determine whether new financing translates into real improvement or simply adds to an already heavy debt burden.