Atiku Tackles Tinubu Over $1.5bn World Bank Loan, Demands Debt Reckoning

Former Vice-President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has challenged President Bola Tinubu’s administration to account for existing borrowings before proceeding with plans to secure a fresh $1.5 billion World Bank loan.

Atiku, through the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, questioned the rationale for further borrowing amid Nigeria’s rising public debt and economic hardship.

He said Nigeria’s public debt had reached N166.79 trillion, arguing that the government should first explain how previous loans had been utilised and what tangible benefits Nigerians had derived from them.

“Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?” Atiku asked.

He further claimed that if the country’s public debt were distributed among Nigerians, each person’s share would amount to about N716,822, compared with N383,442 three years earlier, representing an 87 per cent increase.

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Atiku acknowledged that proposed $500 million facilities targeting climate resilience, social protection and early childhood development addressed important areas of need.

However, he argued that the identification of programmes alone was insufficient without transparency on how previous loans had been spent and how the new facilities would produce measurable outcomes.

He called on the Federal Government to publish details of the projects to be financed, the communities and citizens expected to benefit, programme targets, borrowing terms, disbursement arrangements and timelines for implementation.

According to him, Nigerians should be able to independently track the implementation of the projects and determine whether the borrowed funds are producing the promised results.

He said climate resilience programmes should be linked to identifiable projects such as land restoration, irrigation infrastructure and flood protection for vulnerable communities.

On social protection, Atiku said beneficiaries and the timing of support should be clearly identified, while investments in early childhood development should be tied to measurable improvements in nutrition, healthcare and learning.

The former vice-president also questioned the continued rise in public debt despite claims of increased government revenue and savings resulting from the removal of petrol subsidies.

“If more money is coming in, why does debt keep climbing? If Nigerians have sacrificed so much, where are results?” he asked.

Atiku said the central issue was not merely the amount being borrowed but what Nigerians could see, use and independently verify from the funds already obtained.

“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.