Former Vice President Atiku Abubakar has called on President Bola Tinubu to account for the sharp rise in Nigeria’s public debt to ₦166.79 trillion even as government revenues have increased, arguing that ordinary citizens have yet to feel the benefits of economic reforms.
In a statement issued by Phrank Shaibu, director of strategic communications of the ADC Presidential Campaign Council, Atiku said the debt stock climbed from ₦49.85 trillion in March 2023 to ₦166.79 trillion by June 2026. He insisted that a government claiming higher inflows must explain continued borrowing and the absence of promised relief for Nigerians.
“A government that says more money is coming in must explain why it keeps borrowing and why the people paying for its policies cannot see the promised gains,” Atiku said. He demanded a full reconciliation covering old obligations newly recorded, exchange-rate effects on external debt, fresh loans since 2023, repayments and outstanding balances.
Atiku also highlighted the disconnect between official macroeconomic improvements and living costs. He said the true measure of policy success is whether Nigerians can afford food, transport, housing, education, healthcare and electricity. The remarks come after an IMF assessment in June 2026 that noted better macroeconomic outcomes from reforms but estimated poverty at 63 per cent and said 27 million Nigerians faced food insecurity in late 2025.
Citing BudgIT figures, Atiku noted that ₦12.52 trillion was spent on debt service against ₦18.63 trillion in revenue by the third quarter of 2025, while the 2026 fiscal framework projects a deficit of about ₦31.45 trillion. He further questioned a $39.25 million entry listed as “other charges” in the Debt Management Office’s second-quarter 2026 external debt-service schedule, including a $22.5 million charge linked to a First Abu Dhabi Bank Total Return Swap. He asked for details of the agreement, amounts drawn and remaining obligations, and sought clarification on the ₦19.48 trillion in Treasury Bills outstanding as of June 30.
Atiku said Nigerians were asked to sacrifice through fuel subsidy removal, sharp naira depreciation and higher electricity and transport costs. With revenues rising yet borrowing continuing, he argued the public is entitled to know what the sacrifice has delivered and called for an apology from the President and the APC over the resulting hardship.
“The real test of this economy is not whether the numbers look good in government presentations. It is whether ordinary Nigerians can afford to live,” he added.
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