Key Takeaways
- Former Vice President Atiku Abubakar has challenged President Bola Tinubu's administration to provide a detailed account of all previously obtained loans.
- The demand comes as the Federal Government seeks an additional $15 billion in financing from the World Bank.
- Atiku highlighted Nigeria's public debt, which has surged to N166.79 trillion, translating to N716,822 per citizen, an 87% increase in three years.
- He insists on transparency, demanding the publication of projects, beneficiaries, terms of borrowing, and a clear timetable for new loans.
- Atiku questioned the rising debt despite government claims of increased revenue and savings from petrol subsidy removal.
ABUJA – In a sharp critique of the current administration's fiscal policies, former Vice President Atiku Abubakar, a prominent figure and presidential candidate of the Peoples Democratic Party (PDP) in the last election, has issued a direct challenge to President Bola Tinubu. Atiku has demanded a comprehensive accounting of all loans already secured by the Tinubu administration before it proceeds with plans to obtain an additional $15 billion from the World Bank.
This call for transparency comes amidst growing public concern over Nigeria’s escalating public debt, which now stands at a staggering N166.79 trillion. Atiku, through a statement released by his Special Assistant on Public Communication, Phrank Shaibu, on Monday, underscored the paradox of Nigerians enduring severe economic hardship and rising costs of living while the government continues its borrowing spree, despite repeatedly claiming increased revenue and significant savings from the removal of petrol subsidies.
Nigeria's Escalating Debt Burden
The former Vice President highlighted the alarming trajectory of Nigeria's debt burden. "If Nigeria’s public debt were divided among everyone, each person’s share would be ₦716,822 today," Atiku stated, emphasizing the individual impact of national borrowing. He further pointed out the drastic increase: "Three years ago, it was ₦383,442. That is an an 87 per cent increase." This surge in per capita debt paints a grim picture for the average Nigerian, who is already grappling with high inflation and reduced purchasing power.
While acknowledging that the proposed World Bank facilities – including $500 million for climate resilience, social protection, and early childhood development – address genuine developmental needs, Atiku firmly argued that worthy program titles cannot substitute for a clear and verifiable account of how previous loans have been utilized. He questioned the government's narrative: "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."
Demands for Measurable Outcomes and Transparency
Atiku's demands for accountability are specific and far-reaching. He insisted that before any new loans are finalized, the government must publish a detailed breakdown of the projects to be financed, the specific communities and citizens expected to benefit, the measurable targets for each program, the precise terms of borrowing and disbursement, and a clear timetable that Nigerians can use to track delivery and progress. This level of transparency, he argued, is crucial for fostering public trust and ensuring that borrowed funds are genuinely directed towards national development rather than being siphoned off or mismanaged.
Furthermore, Atiku urged the government to demonstrate the practical implications of its development programs, moving beyond mere announcements to provide independently verifiable outcomes. "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 asserted. His call is for tangible results that directly impact the lives of ordinary Nigerians, rather than abstract policy pronouncements.
Why This Matters
The debate over Nigeria's burgeoning debt and the demand for fiscal transparency are critical for the nation's economic stability and democratic health. Without clear accountability for borrowed funds, public trust erodes, and the cycle of debt accumulation without tangible development outcomes risks trapping future generations in economic hardship. Atiku's challenge underscores the fundamental principle that governments must be transparent stewards of public resources, especially when those resources come with significant financial obligations for the citizenry.