Account for Nigeria’s N166.79trn debt before asking World Bank for $1.5bn loan – Atiku to Tinubu

The African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, on Monday, charged President Bola Tinubu to account for N166.79 trillion debt before borrowing $1.5 billion from the World Bank.

Atiku accused Tinubu of running a government that demands endless sacrifices from Nigerians while reaching endlessly for fresh loans.

In a statement issued by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, Atiku said: “With public debt at N166.79 trillion, Tinubu is now seeking another $1.5 billion from the World Bank. The President must first account for the money already borrowed.”

Atiku said Tinubu’s record is an indictment of his economic stewardship, stressing that families are struggling to afford food, fuel and electricity, yet debt continues to climb.

He said: “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 N716,822 today. Three years ago, it was N383,442. That is an 87 per cent increase.

“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 said the proposed $500 million facilities for climate resilience, social protection and early childhood development should address real needs.

He added: “But worthy programme names cannot stand in for a public account of how previous loans were spent or a clear plan for delivering measurable results.

“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.”

Atiku also challenged the government to reconcile its appetite for borrowing with its repeated claims of higher revenue and savings 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 ex-Vice President said.