Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has challenged the Federal Government to account for existing borrowings before proceeding with proposed World Bank financing of $1.5bn.
Atiku made the demand in a statement issued on Monday, September 28, 2026, by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu.
His comments followed the Debt Management Office’s latest figures showing that Nigeria’s public debt rose to ₦166.79tn as of June 30, 2026, from ₦159.35tn at the end of March.
The debt comprised ₦91.59tn in domestic obligations and ₦75.20tn in external debt, with the Federal Government accounting for ₦152.77tn and the states and Federal Capital Territory ₦14.01tn.
Atiku questioned the continued accumulation of debt despite the administration’s claims of higher revenue and savings from the removal of the petrol subsidy.
He urged the government to disclose how previous borrowings were spent and demonstrate their impact before contracting additional obligations.
The proposed World Bank financing consists of three $500m facilities targeting climate resilience, social protection and early childhood development. They remain at different stages of preparation and do not constitute an approved $1.5bn loan.
READ ALSO: FG Seeks Fresh $1.5bn World Bank Loans As Debt Hits ₦166.79tn
The first, an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project, is scheduled for World Bank board consideration on October 29, 2026. If approved, it would increase the project’s financing from $700m to $1.2bn.
The other proposed facilities are a $500m social-protection project and a $500m early childhood development programme, both expected to face board consideration in March 2027.
Atiku called for details of the proposed facilities, including their beneficiaries, targets, borrowing terms, disbursement schedules and implementation timelines.
He also demanded measurable results from the programmes, particularly in climate resilience, social protection, nutrition, healthcare and early childhood learning.
The latest proposal adds to a series of World Bank-backed interventions in Nigeria. The bank approved $2.25bn in financing for Nigeria in June 2024 and a further $1.57bn in September 2024 for economic, health, irrigation and dam-safety programmes.
In 2026, the World Bank has also approved additional financing for Nigeria, including $1.75bn under two operations focused on investment and job creation.
Atiku has repeatedly criticised the administration’s borrowing strategy, with debt accumulation and the use of borrowed funds featuring prominently in his attacks on the government.
As of June 30, 2026, Nigeria’s public debt stood at $120.93bn, according to the DMO.