By Ade Oyeyemi
Former Vice-President Atiku Abubakar has challenged the Federal Government to provide a detailed account of Nigeria’s rising debt profile after the country’s total public debt reached N166.79tn as of June 30, 2026.
Atiku also called on President Bola Tinubu’s administration to explain fresh borrowings, Treasury Bills and charges contained in the latest external debt-service records, while demanding an apology over the economic hardship Nigerians have experienced since the removal of the petrol subsidy.
The Debt Management Office released the latest debt figures on September 25, showing that Nigeria’s public debt comprised N91.59tn in domestic obligations and N75.20tn in external debt.
Atiku’s position was contained in a statement issued on Saturday by Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress Presidential Campaign Council.
The former Vice-President compared the latest figure with the N49.85tn public debt recorded in March 2023 and demanded clarification on how much of the current debt was inherited and how much represented new borrowing since the Tinubu administration assumed office.
He also sought an account of the naira impact of exchange-rate movements on the country’s foreign debt and the N22.71tn Ways and Means advances that were securitised and added to the debt stock from June 2023.
“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 urged the government to distinguish between old obligations newly captured in the debt figures, exchange-rate effects on foreign borrowings and loans contracted since May 2023.
Atiku also questioned the Federal Government’s Treasury Bills position, noting that the latest domestic debt data put outstanding Treasury Bills at N19.48tn as of June 30.
He demanded a reconciliation showing the Treasury Bills that had matured, those redeemed or rolled over and those that represented fresh borrowing.
“A June snapshot cannot answer a September question,” Atiku said, insisting that the government should publish details of the transactions behind the Treasury Bills figure.
The former Vice-President also demanded clarification over $39.25m listed as “other charges” in the DMO’s second-quarter 2026 external debt-service report.
He specifically questioned a $22.5m charge associated with a First Abu Dhabi Bank Total Return Swap and another $8.97m payment involving Deutsche Bank AG.
“What exactly was the $22.5m charge for? Which agreement authorised it? What was the original facility? How much was drawn? What obligations remain outstanding?” he asked.
Atiku’s comments came amid the Federal Government’s projected fiscal deficit for 2026. The budget provides for about N68.32tn in expenditure against projected revenue of N36.87tn, leaving a deficit of approximately N31.45tn, with borrowing expected to finance part of the gap.
President Tinubu has also spoken about the pressure of debt servicing, saying in May that Nigeria expected to spend about $11.6bn on debt service in 2026.
Atiku argued that the impact of economic reforms should ultimately be measured by how they affect households, particularly in areas such as food, transportation, housing, education, healthcare and electricity.
He further cited concerns over poverty and food insecurity, while demanding that the administration account for the sacrifices Nigerians have made since the removal of the petrol subsidy and the subsequent 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.
The former Vice-President urged the Federal Government to publish a comprehensive reconciliation of its borrowing, explain the debt-service charges and disclose how borrowed funds had been deployed.
“Reconcile the borrowing. Explain the charges. Show Nigerians what their sacrifice bought. Apologise for the hardship,” Atiku demanded.
