African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, on Monday, charged President Bola Tinubu to account for Nigeria’s ₦166.79 trillion public debt before securing a fresh $1.5 billion loan from the World Bank.
Atiku accused President Tinubu of running an administration that demands endless economic sacrifices from citizens while continuously expanding public borrowing.
In a statement issued by Phrank Shaibu, Director of Strategic Communications for the ADC Presidential Campaign Council, Atiku stated: “With public debt at ₦166.79 trillion, President Tinubu is now seeking another $1.5 billion from the World Bank. The President must first account for the money already borrowed.”
Atiku described the administration’s economic record as an indictment of its financial stewardship, noting that while families struggle with soaring food, fuel, and electricity prices, public debt continues to mount.
“Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development? “If Nigeria’s public debt were divided among everyone, each person’s share would be ₦716,822 today. Three years ago, it was ₦383,442. That is an 87 per cent increase.
“President Tinubu has made today difficult and tomorrow more uncertain. He cannot keep loading debt onto the country and expect Nigerians to applaud programme titles. What has this government built? Who has benefited? Why should Nigerians trust him with another term in office?” Atiku asked.
Addressing the proposed $1.5 billion World Bank facilities intended for climate resilience, social protection, and early childhood development, Atiku noted that while the programmes carry worthy titles, they cannot substitute for full public transparency regarding previous borrowing.
“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.
“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 further challenged the Federal Government to reconcile its ongoing appetite for foreign loans with its recurring claims of increased statutory revenue and savings derived from petrol subsidy removal.
“If more money is coming in, why does the debt keep climbing? If Nigerians have sacrificed so much, where are the results? A government cannot keep announcing savings, signing loans, and asking the same struggling families to wait for relief,” the former Vice President added.