ABUJA — Former Vice President Atiku Abubakar has called on the Federal Government to provide a detailed account of Nigeria’s existing debt before taking on a proposed $1.5 billion in new World Bank financing.
Atiku made the demand on Monday through Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress Presidential Campaign Council.
The call follows new figures from the Debt Management Office (DMO) showing that Nigeria’s public debt stood at ₦166.79 trillion as of June 30, 2026.
What is the proposed $1.5bn for?
The Federal Government is discussing three proposed $500 million World Bank facilities, bringing the total to $1.5 billion.
The proposed financing is targeted at:
- Climate resilience and environmental projects
- Social protection programmes
- Early childhood development
The facilities are still at different stages of preparation and have not all been approved as loans.
What Atiku wants explained
Atiku is asking the government to clearly separate:
- Debt inherited before the current administration
- New loans contracted since 2023
- The effect of exchange-rate changes on foreign debt
- Debt that has already been repaid
- Outstanding obligations
- Treasury Bills that were redeemed or rolled over
He also questioned a $22.5 million charge linked to a First Abu Dhabi Bank Total Return Swap listed in the DMO’s second-quarter 2026 external debt-service report.
MONAFRIKA BUSINESS & POLITICS
The debate comes as Nigeria’s debt continues to attract attention. While the proposed World Bank financing is intended for specific development programmes, Atiku is calling for greater transparency over existing obligations before additional borrowing is undertaken.
The Federal Government’s response to Atiku’s latest demands had not been included in the reports reviewed for this story.
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