According to multiple reports, former Vice President Atiku Abubakar has questioned the Federal Government’s plan to seek a fresh $1.5 billion loan from the World Bank, asking it to account for money already borrowed as Nigeria’s public debt currently stands at N166.79 trillion. In a series of statements issued by his spokesperson, Phrank Shaibu, Atiku expressed concern over the government’s borrowing habits, arguing that President Bola Tinubu must first provide an explanation for the existing debts before seeking additional loans. The ADC presidential candidate accused Tinubu of running a government that demands endless sacrifices from Nigerians while reaching endlessly for fresh loans. The call comes amid growing public concern over Nigeria’s debt profile, with each citizen now owing approximately N716,822 according to Atiku’s calculations. Daily Post Nigeria, THISDAYLIVE, Tribune Online, and Punch Newspapers have all reported on the issue.
While it is not clear when Tinubu’s administration may approach the World Bank for the loan, the Nigerian National Petroleum Corporation (NNPC) has not said when the facility began operating. The government’s debt management strategy will be closely watched by both local and international stakeholders as Nigeria continues to grapple with economic challenges.
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