Atiku demands debt accounting before proposed World Bank borrowing

Former Vice-President Atiku Abubakar has called on the Federal Government to account for existing public debt before proceeding with proposed World Bank facilities worth $1.5bn. The African Democratic Congress presidential candidate made the demand in a statement issued on Monday by his Director of Strategic Communications, Phrank Shaibu. World Bank documents show that the proposed financing comprises three separate $500m facilities for climate resilience, social protection and early childhood development.

The facilities are at different stages of preparation. The most advanced proposal is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project. The World Bank board is scheduled to consider it on October 29, 2026.

Approval would raise the project’s total financing from $700m to $1.2bn. The other proposed facilities are projected for consideration in March 2027. They are a Nigeria Early Childhood Development programme and a Household Prosperity and Empowerment–Social Protection Project.

Atiku said the government should publish the projects to be funded, expected beneficiaries, programme targets, loan terms, disbursement arrangements and a timetable for tracking delivery. He questioned why public debt continued to rise despite government claims of higher revenue and savings from petrol subsidy removal. The Debt Management Office reported total public debt of ₦166.79tn as of June 30, 2026, up from ₦152.40tn a year earlier.

The proposed World Bank financing remains subject to approval and should not be treated as money already received by the government.