The African Democratic Congress presidential candidate, Atiku Abubakar, has charged President Bola Tinubu to account for Nigeria’s existing debt before the Federal Government proceeds with its proposed $1.5bn World Bank borrowing.
Fresh World Bank documents recently showed that the Federal Government is discussing three proposed financing facilities worth $1.5bn, comprising $500m each for climate resilience, social protection and early childhood development.
The proposed borrowing comes against the backdrop of Nigeria’s total public debt rising to ₦166.79tn as of June 30, 2026, according to the Debt Management Office.
In a statement issued on Monday by his Director of Strategic Communications, Phrank Shaibu, the former vice president said Nigerians had been subjected to difficult economic reforms while the country’s borrowing continued to rise.
“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.
“If more money is coming in, why does the debt keep climbing? If Nigerians have sacrificed so much, where are the results?” he asked.
Fresh Loan Request
The proposed $1.5bn financing consists of three separate $500m facilities at different stages of preparation. The most advanced is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project.
The World Bank has scheduled October 29, 2026, for consideration of the facility by its board. If approved, it would increase the project’s total financing 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, with both currently projected for consideration in March 2027.
The World Bank’s current country programme places considerable emphasis on early childhood development, social protection and building resilience among vulnerable households. Its April 2026 Nigeria Development Update said household incomes had yet to fully recover and poverty remained high, while stressing the need for targeted support to vulnerable households and stronger investment in human capital.
The proposed ACReSAL financing is similarly targeted at issues including land degradation, water insecurity, climate vulnerability, erosion and flooding, with the project covering 19 northern states and the Federal Capital Territory.
