Former Vice President Atiku Abubakar has criticized Nigeria’s plan to seek another $1.5 billion in loans from the World Bank, demanding greater accountability over the country’s existing debt.
The proposed financing consists of three separate $500 million facilities covering climate resilience, social protection and early childhood development. The facilities are still at different stages of preparation and approval.
Atiku questioned why the government continues to borrow despite reporting improved revenues, and called on President Bola Tinubu’s administration to explain Nigeria’s existing obligations and how previous loans have been used.
Nigeria’s total public debt stood at N166.79 trillion at the end of June 2026, while World Bank Group exposure to the country was about $21 billion over the same period, according to World Bank data.
The government has maintained that borrowing forms part of its financing strategy, while economists cited by Punch note that many World Bank facilities are concessional and that their economic impact depends largely on how effectively the funds are deployed.