$1.5bn loan: You must account for previous borrowings, Atiku tells Tinubu

Former Vice President Atiku Abubakar has criticized President Bola Tinubu for demanding continuous sacrifices from Nigerians while constantly seeking new loans. He responded to the announcement of a fresh $1.5 billion loan from the World Bank, pointing out that public debt has already reached ₦166.79 trillion. Atiku urged Tinubu to first account for the money previously borrowed.

In a statement issued by the ADC Presidential Campaign Council, Atiku accused Tinubu's administration of running a government that prioritizes endless sacrifice from citizens and endlessly pursues fresh loans. He noted that families are struggling to afford basic necessities like food, fuel, and electricity, but the debt continues to rise. Atiku questioned where the promised development from "painful policies" is, given the evident suffering of the people.

He highlighted that if Nigeria's public debt was divided equally among the population, each person's share would be ₦716,822 today, up from ₦383,442 three years ago—representing an 87% increase. Atiku accused Tinubu of making the present difficult and the future more uncertain by continually loading more debt onto the country. He questioned what the government has built and who has benefited from these loans, demanding a clear explanation before Nigerians grant him another term in office.

Atiku acknowledged that the $500 million facilities for climate resilience, social protection, and early childhood development address real needs. However, he emphasized that simply naming worthy programs is insufficient without a transparent public account of previous loans and a clear plan for delivering tangible results. He challenged the government to publish the projects to be funded, the communities and citizens expected to benefit, the targets for each program, the terms of borrowing and disbursement, and a timetable for delivery.

Atiku also questioned the government's claim of higher revenue and savings from the removal of petrol subsidies. He pointed out that if more money is coming in, why does the debt keep climbing? If Nigerians have suffered, where are the results? He asked Tinubu to explain why the same struggling families must wait for relief when the government keeps announcing savings and signing loans.

Atiku emphasized that the crucial question before Tinubu is not about the number of development programs his administration can name but what Nigerians can see, use, and independently verify.