African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has questioned the Federal Government’s plan to secure fresh World Bank financing worth $1.5bn, demanding accountability for loans already incurred by Nigeria.
Atiku’s reaction followed the emergence of World Bank documents showing that the Federal Government is considering three separate $500m facilities for climate resilience, social protection and early childhood development.
His concerns come as Nigeria’s total public debt climbed to ₦166.79tn as of June 30, 2026, according to the Debt Management Office.
The latest figure represents a ₦14.39tn, or 9.44 per cent, increase from the ₦152.40tn recorded at the end of June 2025.
In a statement issued on Monday, September 28, by his Director of Strategic Communications, Phrank Shaibu, Atiku said the government should explain how previous loans had been spent and demonstrate the benefits delivered to Nigerians before taking on additional debt.
“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.
The former vice president also questioned the continued increase in public debt despite government claims of higher revenue and savings following the removal of 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 financing comprises three $500m facilities at different stages of preparation.
The most advanced is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project.
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The World Bank has scheduled October 29, 2026, for consideration of the facility by its board. If approved, the project’s total financing would rise from $700m to $1.2bn.
The other proposed facilities are a $500m Nigeria Early Childhood Development programme and a $500m Household Prosperity and Empowerment–Social Protection Project. Both are currently projected for consideration in March 2027.
Atiku acknowledged that the proposed programmes target genuine development challenges but said their objectives should be accompanied by transparency and measurable outcomes.
“Climate resilience must mean identifiable land restored, irrigation delivered and communities protected from flooding. S
“Social protection must identify who receives support and when. Early childhood development must produce measurable gains in nutrition, healthcare and learning,” he added.
He also demanded an account of loans previously obtained by the government and the projects or programmes financed with them.
“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.
Nigeria previously secured a $1.5bn World Bank Development Policy Financing programme in June 2024, alongside another $750m programme aimed at accelerating resource mobilisation reforms.
The World Bank said the earlier financing was intended to support economic stabilisation, protect vulnerable Nigerians and strengthen domestic revenue mobilisation.
The latest $1.5bn proposal is still subject to the World Bank’s approval process and should not be regarded as funds already disbursed to the Federal Government.