Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has challenged the Federal Government to provide Nigerians with a detailed account of existing borrowings before proceeding with plans to secure an additional $1.5 billion from the World Bank.
Atiku’s position was contained in a statement issued by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council, following the release of fresh debt figures by the Debt Management Office (DMO).
The DMO reported that Nigeria’s total public debt stood at ₦166.79 trillion as of June 30, 2026, comprising ₦91.59 trillion in domestic debt and ₦75.20 trillion in external obligations. The figure represents an increase of ₦7.44 trillion from ₦159.35 trillion recorded at the end of March.
Atiku questioned the rationale for seeking additional loans while Nigerians continue to demand visible results from previous borrowings.
He argued that the government should first publish details showing how previous loans were utilised, the projects financed, the beneficiaries and the measurable outcomes achieved.
The former vice president also questioned the relationship between increased government revenues and continued borrowing, asking why the country’s debt stock was still rising despite claims of improved revenue collection and savings following the removal of the petrol subsidy.
According to Atiku, the proposed World Bank facilities — comprising three separate $500 million programmes targeting climate resilience, social protection and early childhood development — address important areas, but their approval should be accompanied by clear accountability mechanisms. Reports indicate that the proposed facilities are still at the financing pipeline stage and have not yet become approved loans.
He called for the government to disclose the specific projects to be financed, expected beneficiaries, borrowing terms, disbursement schedules and performance targets so Nigerians can independently monitor implementation.
Atiku said climate-resilience spending, for instance, should be traceable to identifiable projects such as land restoration, irrigation and flood-control measures, while social protection programmes should clearly identify beneficiaries and delivery timelines.
The ADC presidential candidate also questioned whether the economic sacrifices made by Nigerians since the introduction of the government’s reforms were producing the promised development outcomes.
“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 proposed World Bank financing comes as Nigeria’s debt continues to rise, with the World Bank itself reporting significant existing exposure to Nigeria. As of June 2026, the World Bank Group’s exposure to Nigeria stood at about $20.73 billion, according to World Bank data.
