By Opeyemi Adelakun
African Democratic Congress presidential candidate Atiku Abubakar has challenged the Federal Government to account for Nigeria’s existing debt before proceeding with its proposed $1.5bn borrowing from the World Bank.
Atiku made the demand in a statement issued on Monday by his Director of Strategic Communications, Phrank Shaibu, following reports that the Federal Government was discussing three World Bank financing facilities worth $1.5bn.
The proposed facilities consist of $500m each for climate resilience, social protection and early childhood development.
Atiku questioned the proposed borrowing against the backdrop of Nigeria’s rising public debt, which stood at ₦166.79tn as of June 30, 2026, according to the Debt Management Office.
The figure represents an increase of ₦14.39tn, or 9.44 per cent, from the ₦152.40tn recorded at the end of June 2025.
Atiku said the government should disclose how previous loans had been utilised 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,” he said.
He also questioned what he described as a gap between increased government revenue and continued growth in public debt.
“If more money is coming in, why does the debt keep climbing? If Nigerians have sacrificed so much, where are the results?” Atiku asked.
The proposed $1.5bn financing comprises three separate $500m facilities at different stages of preparation.
The most advanced is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL. The World Bank is scheduled to consider the facility on October 29, 2026. If approved, the project’s total financing would rise from $700m to $1.2bn.
The other two proposed facilities are the $500m Nigeria Early Childhood Development programme and the $500m Household Prosperity and Empowerment–Social Protection Project. Both are currently projected for consideration in March 2027.
The World Bank’s Nigeria programme places emphasis on early childhood development, social protection and strengthening resilience among vulnerable households.
Its April 2026 Nigeria Development Update said household incomes had not fully recovered and poverty remained high, while stressing the need for targeted support and increased investment in human capital.
The proposed ACReSAL financing is focused on issues including land degradation, water insecurity, climate vulnerability, erosion and flooding across 19 northern states and the Federal Capital Territory.
While acknowledging the development objectives of the proposed programmes, Atiku said the projects should be accompanied by clear accountability mechanisms.
“Climate resilience must mean identifiable land restored, irrigation delivered and communities protected from flooding. Social protection must identify who receives support and when. Early childhood development must produce measurable gains in nutrition, healthcare and learning,” he said.
Atiku also called on the government to provide details of previous loans and the projects 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,” he said.
Nigeria previously secured substantial World Bank financing during the Tinubu administration. In June 2024, the World Bank approved a $1.5bn Development Policy Financing programme for Nigeria, alongside a separate $750m programme designed to support resource mobilisation reforms.
The World Bank said the financing was intended to support economic stabilisation, protect vulnerable Nigerians and strengthen domestic revenue mobilisation.
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