Former Vice-President Atiku Abubakar has criticised the Bola Tinubu administration over Nigeria’s rising public debt, demanding a detailed reconciliation of the country’s borrowings and an explanation of controversial charges contained in the latest debt-service records.
Atiku’s demands followed fresh data from the Debt Management Office showing that Nigeria’s total public debt stood at N166.79tn as of June 30, 2026.
The figure, published by the DMO on September 25, comprises N91.59tn in domestic debt and N75.20tn in external debt. The external debt figure was converted using an official exchange rate of N1,379.18 to the dollar.
In a statement issued on Saturday by Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress Presidential Campaign Council, Atiku questioned the increase in the country’s debt stock compared with the N49.85tn recorded in March 2023, before the Tinubu administration came into office.
He, however, called for a breakdown showing how much of the current debt represented inherited obligations, how much resulted from exchange-rate movements on foreign debt and how much constituted genuinely new borrowing since May 2023.
Atiku also asked the Federal Government to account for the N22.71tn Ways and Means advances that were securitised and incorporated into 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.
The former Vice-President urged the government to “identify the old debt newly recorded, the foreign debt whose naira value rose with the exchange rate, and every new loan contracted since he assumed office.”
He also raised questions about the government’s Treasury Bills obligations. According to the latest domestic debt data released by the DMO, Federal Government Treasury Bills outstanding stood at N19.48tn as of June 30, 2026.
Atiku demanded a reconciliation of the Treasury Bills figure, including details of bills that had matured, those that were redeemed, those rolled over and those that represented new borrowing.
“A June snapshot cannot answer a September question,” he said, insisting that the government should publish a transparent reconciliation of the transactions behind the Treasury Bills figure.
The former Vice-President further questioned $39.25m listed as “other charges” in the DMO’s second-quarter 2026 external debt-service report.
The report included $22.5m for a First Abu Dhabi Bank Total Return Swap and $8.97m for Deutsche Bank AG. According to the figures cited by Atiku, no principal or interest payment was recorded against the First Abu Dhabi Bank Total Return Swap during the quarter, while the $22.5m was listed under other charges.
Atiku asked the government to explain the nature and purpose of the transaction and provide details of the agreement behind the payment.
“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.
His criticism comes as the Federal Government faces a significant financing gap in the 2026 budget. The budget provides for expenditure of about N68.32tn against projected revenue of N36.87tn, leaving a deficit of approximately N31.45tn, with borrowing expected to finance a substantial portion of the gap.
President Tinubu has previously acknowledged the pressure created by debt servicing. Speaking at the Africa Forward Summit in Nairobi in May, he said Nigeria expected to spend about $11.6bn on debt servicing in 2026, describing the amount as nearly half of projected revenue.
Atiku argued that the government should explain how increased revenues and claimed improvements in some macroeconomic indicators were translating into better living conditions for Nigerians while public borrowing continued to rise.
“The true test of economic policy is whether Nigerians can afford food, transportation, housing, education, healthcare and electricity,” he said.
He also linked his criticism to the hardship experienced by households following the economic reforms introduced by the Tinubu administration, including the removal of the petrol subsidy and significant changes in the foreign exchange market.
Atiku called on President Tinubu and the All Progressives Congress to apologise to Nigerians over the hardship associated with the policies.
“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.
“After all of this, the Nigerian people are entitled to ask one simple question: what exactly did our sacrifice buy?” he asked.
The former Vice-President’s comments also came amid concerns over poverty and food insecurity. In its June 2026 Article IV assessment, the International Monetary Fund said Nigeria’s macroeconomic outcomes had improved following the reforms but noted that conditions remained difficult for many Nigerians.
The IMF estimated poverty at 63 per cent under the national poverty line and said 27 million Nigerians were estimated to have faced food insecurity in the latter part of 2025. It also warned that higher fuel and food prices could worsen poverty and food insecurity.
Atiku described the situation as a contrast between increased government revenues and the economic experience of ordinary households.
“The Tinubu economy is producing two Nigerias: one in which ordinary citizens are suffocating under rising food, fuel, transport, electricity, education and housing costs, and another in which those with wealth, access and privilege are far better positioned to protect and multiply their fortunes,” he said.
He subsequently called on the Federal Government to provide Nigerians with a clear account of its borrowing and debt-service transactions.
“Reconcile the borrowing. Explain the charges. Show Nigerians what their sacrifice bought. Apologise for the hardship,” Atiku demanded.