ATIKU QUESTIONS FG OVER PROPOSED $1.5BN WORLD BANK LOAN

African Democratic Congress presidential candidate Atiku Abubakar has criticised the Federal Government’s plan to seek $1.5bn in new World Bank financing, calling for greater transparency over Nigeria’s existing debts.

The proposed borrowing involves three separate $500m facilities targeting climate resilience, social protection and early childhood development.

Atiku, through his Director of Strategic Communications, Phrank Shaibu, said the government should account for previously borrowed funds and explain the projects they financed before taking on additional debt.

He called on the government to publish details of the projects to be funded, expected beneficiaries, programme targets, borrowing terms and disbursement schedules.

The call comes as Nigeria’s total public debt stood at ₦166.79tn as of June 30, 2026, according to the Debt Management Office. The figure represents an increase of ₦14.39tn from the ₦152.40tn recorded in June 2025.

The most advanced of the proposed World Bank facilities is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project. The World Bank is scheduled to consider the facility on October 29, 2026. If approved, total financing for the project would rise from $700m to $1.2bn.

The other proposed facilities are a $500m Nigeria Early Childhood Development programme and a $500m Household Prosperity and Empowerment–Social Protection Project. Both are currently projected for consideration in March 2027.

Atiku acknowledged that the programmes address important development needs but said their implementation should be accompanied by measurable outcomes and transparency.

He also questioned why Nigeria’s debt continues to rise despite government claims of increased revenue and savings from the removal of the petrol subsidy.

The proposed $1.5bn financing remains subject to the World Bank’s approval process and has not yet been disbursed to the Federal Government.