Former Vice President Atiku Abubakar has urged President Bola Tinubu’s administration to account for Nigeria’s existing debt before proceeding with a proposed $1.5 billion World Bank loan.
Atiku made the call in a statement issued on Monday by his Director of Strategic Communications, Phrank Shaibu, amid reports that the Federal Government is discussing three new World Bank financing facilities worth $1.5 billion.
Nigeria’s public debt stood at N166.79 trillion as of June 30, 2026, according to figures from the Debt Management Office. The proposed financing comprises three $500 million facilities targeting climate resilience, social protection and early childhood development.
Atiku said the government should publish details of how previous loans were spent, including the projects funded, beneficiaries, borrowing terms and measurable outcomes.
He also questioned the continued increase in borrowing despite government claims of higher revenue and savings following the removal of the petrol subsidy.
The former vice president acknowledged that the proposed programmes addressed important development needs but said their objectives should be accompanied by transparency and clear mechanisms for measuring their impact.
The proposed loans are still subject to the World Bank’s approval process and have not yet been disbursed.
