‘Show Nigerians what you built with borrowed money before taking another loan’ – Atiku challenges Tinubu

Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called on President Bola Tinubu to account for loans obtained by his administration before seeking another $1.5 billion from the World Bank.

Atiku raised concerns over Nigeria’s growing public debt, which he said had reached N166.79 trillion, arguing that Nigerians were facing rising living costs while the government continued to seek additional borrowing.

His position was contained in a statement issued on Monday by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.

According to the statement, Atiku questioned the need for fresh borrowing despite the Federal Government’s claims of increased revenue and savings resulting from the removal of petrol subsidy.

The former vice president also called for greater transparency over how funds borrowed by the Tinubu administration had been utilised before additional loans were secured.

The comments came as the Federal Government moves to obtain fresh financing of $1.5 billion from the World Bank.

Atiku said the proposed $500 million facilities for climate resilience, social protection and early childhood development addressed genuine needs, but argued that worthy programme titles could not substitute for a clear account of how previous loans had been spent.

“If Nigeria’s public debt were divided among everyone, each person’s share would be ₦716,822 today. Three years ago, it was ₦383,442. That is an 87 per cent increase,” Atiku said.

He demanded that the government publish the projects to be financed with the new loans, the communities and citizens expected to benefit, the targets for each programme, the terms of borrowing and disbursement, and a timetable Nigerians could use to track delivery.

“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,” he said.

Atiku said the government must also demonstrate what its development programmes meant in practical terms, rather than leaving Nigerians with announcements that could not be independently measured.

“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,” he said.

He further questioned why the debt burden was rising despite repeated government claims of increased revenue and savings following the removal of petrol subsidy.

“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,” Atiku said.

The ADC presidential candidate said the issue was no longer how many development programmes the government could announce, but what Nigerians could actually see, use and independently verify.

“Show us the money already received. Show us what it built. Show us who benefited. Account for the debt already on Nigeria’s books before borrowing another dollar,” he said.

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