Former Vice President Atiku Abubakar has publicly challenged President Bola Tinubu to account for all funds previously borrowed on behalf of Nigeria before proceeding with a proposed $1.5 billion facility from the World Bank. Atiku, who serves as the presidential candidate of the African Democratic Congress (ADC), made the demand in a statement issued on Monday, September 28, 2026, and made available to Legit.ng by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.
Debt Burden Grows by 87% in Three Years
Atiku disclosed that Nigeria's public debt currently stands at ₦166.79 trillion, with the Tinubu administration seeking an additional $1.5 billion from the World Bank. He argued that the figures tell a troubling story for ordinary Nigerians.
"If Nigeria's public debt were divided among everyone, each person's share would be ₦716,822 today. Three years ago, it was ₦383,442. That is an 87 per cent increase," he said. The former vice president stressed that the new loan, spread across three facilities targeting climate resilience, social protection, and early childhood development, would only add to the mounting burden.
Atiku Questions Government's Economic Claims
Atiku argued that Nigerians had endured painful economic policies on the promise that the hardship would create room for growth and development, but there was little to show for it. "Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?" he asked.
He also challenged Tinubu to explain why debt keeps rising despite the government's repeated claims of 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?" Atiku said.
Conditions for New Borrowing
While Atiku acknowledged that the programmes targeted by the proposed loans address genuine needs, he said worthy labels on government projects are not a substitute for transparency and results. He called on the government to publish the specific projects to be funded, the communities and individuals expected to benefit, the terms and disbursement plans for each facility, and a delivery timetable that Nigerians can independently monitor.
"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 said.
Demand for Accountability Before New Debt
Atiku warned that the administration could not continue announcing savings, signing new loans, and asking struggling families to keep waiting. "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," he said.
He added that the fundamental question facing Tinubu was no longer how many development programmes his government could name, but what Nigerians could actually see, use, and verify for themselves. The former vice president's latest remarks come amid his ongoing criticism of the Tinubu administration's economic policies, including his previous call for a substantial increase to Nigeria's ₦70,000 minimum wage, which he said has failed to restore workers' purchasing power.
