Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has criticised the Federal Government’s plan to seek a fresh $1.5 billion loan from the World Bank, calling for greater transparency over existing public debt before additional borrowing is undertaken.
Atiku made his position known in a statement issued on Monday by his Director of Strategic Communications, Phrank Shaibu, following reports that the Federal Government was discussing three proposed World Bank financing facilities worth a combined $1.5 billion.
The proposed facilities comprise three separate $500 million loans for climate resilience, social protection and early childhood development. The most advanced is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL, which is scheduled for consideration by the World Bank’s board on October 29, 2026.
The other proposed facilities are a $500 million Nigeria Early Childhood Development programme and a $500 million Household Prosperity and Empowerment–Social Protection Project. Both are currently projected for consideration in March 2027.
Atiku urged the Federal Government to account for previous borrowings and disclose how the funds had been used 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,” he said.
He also questioned the continued increase in public borrowing amid government claims of higher revenue and savings following 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 asked.
According to the Debt Management Office, Nigeria’s total public debt stood at N166.79 trillion as of June 30, 2026, representing a N14.39 trillion, or 9.44 per cent, increase from the N152.40 trillion recorded in June 2025.
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