Former Vice President and ADC presidential candidate Atiku Abubakar has challenged President Bola Tinubu’s government over a proposed $1.5 billion World Bank loan.
Atiku wants the government to account for existing loans before taking on fresh debt. He made the demand in a statement issued by Phrank Shaibu. Shaibu serves as the Director of Strategic Communications for the ADC Presidential Campaign Council.
The former vice president said Nigerians deserve clear details about previous borrowings. He also questioned what those loans have achieved across the country.
Atiku Questions Nigeria’s Rising Debt
Atiku cited Nigeria’s public debt at ₦166.79 trillion. He said that figure places a debt burden of about ₦716,822 on each Nigerian.
According to him, the figure stood at ₦383,442 three years ago. He therefore argued that the burden has risen sharply during the period.
Atiku said Nigerians were promised that painful policies would free resources for development. However, he asked where the promised development was.
“Tinubu has made today difficult and tomorrow more uncertain. He cannot keep loading debt onto the country and expect Nigerians to applaud programme titles,” he said.
The criticism comes as Nigerians continue to deal with high food, fuel and electricity costs. Atiku argued that the government must show clear results from previous borrowing.
Former VP Wants Details Of New Loan
Atiku acknowledged that some areas targeted by the proposed loan address real needs. These include climate resilience, social protection and early childhood development.
However, he wants the government to provide more than programme descriptions. Atiku called for details about the projects, beneficiaries and expected results.
He also asked the government to publish borrowing terms and disbursement details. In addition, he wants a clear timetable for monitoring each programme.
“Climate resilience must mean identifiable land restored, irrigation delivered and communities protected from flooding,” Atiku said.
He also demanded measurable results from social protection and early childhood programmes. Such results, he said, should cover support, nutrition, healthcare and learning.
Atiku Questions Revenue And Subsidy Savings
The ADC candidate also questioned why Nigeria needs more borrowing despite higher government revenue.
He pointed to the savings from the removal of petrol subsidies. Atiku asked why rising revenue has not stopped the country’s debt from growing.
“If more money is coming in, why does the debt keep climbing?” he asked.
He also questioned whether Nigerians have seen enough benefits from the economic reforms. Atiku said citizens have already made major sacrifices.
“Show us the money already received. Show us what it built. Show us who benefited,” he said.
Atiku ultimately urged the Tinubu administration to account for existing debt before borrowing another dollar. He said Nigerians deserve transparency on how public funds have been spent.
