Atiku Unleashes Fury on Tinubu's $1.5 Billion Loan Amid Mounting National Debt Crisis

The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused President Bola Tinubu's administration of imposing endless sacrifices on Nigerians while simultaneously pursuing additional foreign loans. Atiku highlighted that with Nigeria's public debt standing at ₦166.79 trillion as of June 2026, President Tinubu is reportedly seeking another $1.5 billion loan from the World Bank. Through Phrank Shaibu, Director of Strategic Communications in the ADC Presidential Campaign Council, Atiku demanded that the government provide a comprehensive account of previously borrowed funds before acquiring more debt.

Atiku asserted that President Tinubu's economic stewardship is a clear indictment, as Nigerian families continue to struggle with the rising costs of food, fuel, and electricity, all while the national debt relentlessly climbs. He questioned the administration's promises, stating, "Nigerians were promised that painful policies would free resources for development. They have felt the pain. Where is the development?" He further illustrated the grim reality of the debt burden, noting that if the public debt were divided among every Nigerian, each person's share would be ₦716,822 today, an 87 percent increase from ₦383,442 three years prior.

The former Vice President criticized Tinubu, stating he has "made today difficult and tomorrow more uncertain." Atiku emphasized that the government cannot continuously accumulate debt and expect public approval simply based on program titles. He demanded to know what the current government has built, who has benefited, and why Nigerians should trust the administration with another term, particularly given the lack of accountability for previous borrowings.

While acknowledging that proposed facilities, such as the $500 million for climate resilience, social protection, and early childhood development, address genuine needs, Atiku stressed that "worthy programme names cannot stand in for a public account of how previous loans were spent or a clear plan for delivering measurable results." He insisted on transparency, calling for the government to publish details of projects to be funded, the communities and citizens expected to benefit, program targets, borrowing and disbursement terms, and a clear timetable for tracking delivery before these new loans are finalized.

Atiku also provided specific criteria for accountability, stating that "climate resilience must mean identifiable land restored, irrigation delivered and communities protected from flooding." Similarly, "social protection must identify who receives support and when," and "early childhood development must produce measurable gains in nutrition, healthcare and learning." He challenged the government to reconcile its persistent appetite for borrowing with its repeated claims of increased revenue and savings derived from petrol subsidy removal.

Concluding his remarks, Atiku questioned the logical inconsistency: "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." He reiterated that the critical question for Tinubu is not the number of development programs named, but what tangible results Nigerians can visibly see, use, and independently verify. Atiku's demand remains clear: "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.”