Atiku To Tinubu: Account for Old Loans Before Taking New $1.5bn Debt

Former Vice President Atiku Abubakar has challenged President Bola Tinubu’s administration to explain how previous borrowings have been spent before committing Nigeria to another round of World Bank loans, amid a reported ₦166.79 trillion public debt.

Atiku, in a statement issued by Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress (ADC) Presidential Campaign Council, questioned the government’s continued reliance on borrowing while millions of Nigerians grapple with rising food, fuel and electricity costs.

He said Nigerians who have endured painful economic reforms deserve clear evidence of what those sacrifices have delivered.

“Families are struggling to afford food, fuel and electricity, yet the debt continues to climb,” Atiku said, according to the statement. “Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?”

The former vice president was reacting to plans to secure fresh World Bank financing, including proposed facilities targeting climate resilience, social protection and early childhood development.

While acknowledging the importance of the sectors involved, Atiku argued that the government must demonstrate how earlier loans were used before seeking additional funds.

He demanded the publication of details showing the projects financed by previous borrowings, the communities and individuals who benefited, the amount spent on each programme and the results achieved.

Atiku also called for full disclosure of the terms and conditions attached to the proposed loans, including disbursement schedules, programme targets and mechanisms for tracking implementation.

He said development programmes should produce results that Nigerians can see and independently verify.

According to him, climate-resilience spending should translate into identifiable projects such as restored land, improved irrigation and flood protection for vulnerable communities.

Social protection programmes, he added, should clearly identify beneficiaries and establish when and how assistance will reach them.

Similarly, investment in early childhood development should be measured through improvements in areas such as nutrition, healthcare and learning outcomes.

Atiku also questioned why Nigeria continues to accumulate debt despite repeated claims by the administration that government revenues have increased and that the removal of the petrol subsidy has generated significant savings.

“If more money is coming in, why does the debt keep climbing?” he asked.

He further questioned what Nigerians have received in return for the economic sacrifices made under the Tinubu administration.

For Atiku, the issue goes beyond the announcement of new development programmes. He said the government must demonstrate what has actually been built, who has benefited and whether the results can be independently verified.

He therefore urged the administration to account for funds already borrowed before taking on additional debt.

“Show us the money already received. Show us what it built. Show us who benefited,” Atiku said, urging the government to account for Nigeria’s existing debt before borrowing another dollar.