Former Vice President and African Democratic Congress presidential candidate Atiku Abubakar on Monday, September 28, 2026, in Abuja, challenged President Bola Ahmed Tinubu’s Federal Government to account for existing borrowing before proceeding with three proposed World Bank facilities worth $1.5bn.

Atiku’s intervention followed the emergence of World Bank documents showing that Nigeria is considering three separate $500m financing facilities for climate resilience, social protection and early childhood development.

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The proposals are at different stages of preparation and have not yet been approved or disbursed.

The call comes as Nigeria’s public debt stood at ₦166.79tn at the end of June 2026, according to the Debt Management Office. The figure was ₦14.39tn, or 9.44 per cent, higher than the ₦152.40tn recorded a year earlier.

Atiku, through his Director of Strategic Communications, Phrank Shaibu, argued that the government should provide Nigerians with a clear account of how previous loans had been used and what measurable benefits had resulted.

“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,” Atiku said.

The proposed Atiku World Bank loan challenge centres on whether additional borrowing should proceed alongside a detailed public accounting of existing obligations.

Atiku questioned the relationship between the government’s reported improvement in revenue and the continued expansion of public debt.

“If more money is coming in, why does the debt keep climbing? If Nigerians have sacrificed so much, where are the results?” he asked.

The three proposed facilities have distinct purposes.

The most advanced is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL.

World Bank documents indicate that the proposed financing is scheduled for consideration by the Bank’s board on October 29, 2026. If approved, ACReSAL’s total financing would rise from $700m to $1.2bn.

ACReSAL operates across 19 northern states and the Federal Capital Territory. Its proposed expansion would support measures including landscape restoration, watershed rehabilitation, erosion and flood management, irrigation, drainage, water harvesting and reforestation.

The World Bank has identified land degradation, water insecurity and climate vulnerability as significant development challenges in Nigeria.

The proposed financing therefore targets areas where environmental pressures directly affect farming, livelihoods and community resilience.

The second proposed $500m facility is the Household Prosperity and Empowerment-Social Protection Project.

It remains at an earlier preparation stage, with World Bank consideration tentatively scheduled for March 2027.

The Federal Ministry of Finance is listed as the borrower, while the Federal Ministry of Humanitarian Affairs and Poverty Reduction is expected to implement the programme.

A further $500m proposal is focused on early childhood development. The timing and design of the programme reflect the World Bank’s wider emphasis on human capital, particularly nutrition, healthcare, early learning and support for children during their formative years.

The World Bank’s April 2026 Nigeria Development Update said macroeconomic conditions had improved following reforms, with inflation easing and economic growth remaining relatively strong.

The same assessment, however, said household incomes had not fully recovered and poverty remained high, strengthening the case for targeted support to vulnerable households and investment in human capital.

That creates a difficult policy balance for the Federal Government. The proposed facilities are directed towards development needs that the World Bank and Nigerian authorities regard as important, while the rising debt stock adds pressure for clear evidence that new borrowing will translate into tangible outcomes.

Nigeria’s debt composition also provides important context. The June 2026 figures show domestic debt at about ₦91.59tn and external debt at approximately ₦75.20tn.

The external component was equivalent to $54.52bn at the prevailing valuation used by the DMO.

The World Bank is already a major creditor to Nigeria. As of June 2026, Nigeria’s obligations to the World Bank Group stood at about $20.73bn, comprising $19.12bn owed to the International Development Association and $1.61bn to the International Bank for Reconstruction and Development.

The proposed financing therefore represents an additional potential commitment rather than an isolated borrowing arrangement.

Nigeria has also received substantial World Bank support during Tinubu’s administration. In June 2024, the World Bank approved a $1.5bn Reforms for Economic Stabilization to Enable Transformation programme, alongside a separate $750m Accelerating Resource Mobilization Reforms programme.

The combined package was designed to support economic stabilisation, revenue reforms and protection for vulnerable Nigerians.

The $1.5bn RESET financing was structured in two $750m tranches. World Bank documentation records that the first tranche was released in July 2024, while the second tranche followed after the government met the specified conditions for its release.

The history matters because Atiku’s criticism is not simply about the existence of World Bank financing.

His central demand is for greater transparency around the use and measurable results of borrowing already undertaken before additional facilities are approved.

Atiku also acknowledged that the objectives of the proposed programmes address genuine needs, but argued that the social importance of those objectives should not remove the requirement for financial accountability.

“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.

The World Bank, meanwhile, has continued to frame its Nigeria engagement around stabilisation alongside efforts to protect vulnerable households and strengthen long-term human capital.

Its April 2026 assessment noted that stronger macroeconomic conditions would need to be translated into improvements in livelihoods and broader economic opportunity.

The latest proposals remain subject to the World Bank’s assessment and board approval process. They should therefore be distinguished from funds that have already been approved, signed or disbursed.

For the Tinubu administration, the proposed financing offers a potential source of funding for climate adaptation, social protection and early childhood development.

For Atiku, the immediate issue is whether Nigerians can see a sufficiently detailed account of earlier borrowing before another $1.5bn is added to the country’s financing pipeline.

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The debate consequently extends beyond the headline value of the proposed facilities. It touches on how Nigeria balances development spending, debt accumulation and the public demand for evidence that borrowed funds are producing measurable benefits.