Former Vice President Atiku Abubakar has challenged President Bola Tinubu’s administration to explain Nigeria’s rising debt profile, accusing the government of excessive borrowing despite increased revenues.
Atiku, in a statement issued by Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress Presidential Campaign Council, spoke after the Debt Management Office reported that Nigeria’s public debt had risen to ₦166.79tn as of June 30, 2026.
He demanded a detailed breakdown of the country’s existing obligations, new loans contracted by the administration and debt repayments.
Atiku questioned why the government was continuing to borrow despite what he described as increased public revenue.
“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,” he said.
The former vice president also called for clarification on whether the increase in the debt stock resulted from previously unrecorded obligations, exchange-rate movements affecting foreign debt or genuinely new borrowing.
He urged the Federal Government to publish details of what had been repaid, what remained outstanding and how new borrowing fitted into its fiscal plans.
Atiku also linked the rising debt burden to the cost-of-living crisis, arguing that improvements in government revenue and other macroeconomic indicators had not necessarily translated into better living conditions for ordinary Nigerians.
He cited rising food, fuel, transportation, electricity, education and housing costs as evidence of the pressure on households.
“The true test of economic policy is whether Nigerians can afford food, transportation, housing, education, healthcare and electricity,” he said.
Atiku further questioned the cost of servicing the country’s debt, arguing that funds allocated to debt repayment reduce resources available for other public priorities.
He demanded greater transparency over external debt-service payments, including a reported $22.5m charge linked to a First Abu Dhabi Bank Total Return Swap.
He asked the government to disclose details of the transaction, including its purpose, the original facility, amount drawn and outstanding obligations.
The former vice president also called for reconciliation of Treasury Bill borrowing after the DMO reported ₦19.48tn in outstanding Nigerian Treasury Bills as of June 30.
Atiku urged the government to explain what had matured, what was redeemed or rolled over and what constituted fresh borrowing.
He also demanded that the administration account for the economic sacrifices Nigerians had made since the removal of the petrol subsidy and the foreign exchange reforms.
“Nigerians were asked to sacrifice. Fuel subsidy was removed. The naira was allowed to depreciate sharply. Electricity and transportation costs rose. Government revenues increased, yet borrowing continued,” he said.
Atiku called on the Tinubu administration to publish a detailed account of its revenues, borrowing, debt-service obligations and the outcomes of expenditure financed through borrowing.
He also urged President Tinubu and the All Progressives Congress to apologise to Nigerians over what he described as the hardship caused by the administration’s economic policies.