Former Vice President and ADC presidential candidate Atiku Abubakar has urged the Federal Government to provide a full account of existing borrowings before securing a proposed fresh $1.5 billion World Bank loan.
In a statement issued on Monday, September 28, 2026, by his campaign’s Director of Strategic Communications, Phrank Shaibu, Atiku argued that Nigerians deserve greater transparency on how previous loans have been spent and the actual results achieved.
The statement highlighted Nigeria’s current public debt, which now stands at ₦166.79 trillion. Atiku warned that the proposed new borrowing would only add to the heavy financial burden on citizens who are already struggling with the high cost of food, fuel, and electricity.
“Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?” Atiku asked.
He pointed out that if the country’s public debt were divided among the population, each person’s share would now amount to ₦716,822. This is a sharp increase from ₦383,442 just three years ago, representing an 87 percent jump in the individual debt burden.
“Tinubu has made today difficult and tomorrow more uncertain. He cannot keep loading debt onto the country and expect Nigerians to applaud programme titles,” he stated.
While Atiku acknowledged that the proposed $500 million facilities for climate resilience, social protection, and early childhood development address genuine needs, he insisted that good intentions must be backed by clear records.
SEE ALSO: Atiku Demands Answers Over Tinubu’s Third Consecutive Absence From UN General Assembly
He called on the government to publish detailed information on the projects to be funded, the specific communities expected to benefit, and a clear timetable for tracking implementation.
“Climate resilience must mean identifiable land restored, irrigation delivered and communities protected from flooding. Social protection must identify who receives support and when,” he explained.
Atiku also questioned the logic of taking on more debt when the government claims to be generating increased revenue and savings from 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.
He concluded by demanding that the government demonstrate exactly what previous borrowings have achieved before asking for more 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.
This latest demand adds to the growing political pressure on the Tinubu administration, as opposition figures continue to question the transparency of the country’s rising debt profile and its direct impact on the everyday lives of Nigerians.
Promise Idoko is Junior Reporter working with moderncrux He covers global politics and international affairs. Based in Nigeria,
