Former Vice President Atiku Abubakar has called on President Bola Tinubu to provide a detailed and transparent account of Nigeria's rising public debt, which has surged to ₦166.79 trillion despite significant increases in government revenue.
Speaking through his communications team, Atiku noted that the national debt escalated sharply from ₦49.85 trillion in March 2023 to ₦166.79 trillion by June 2026. He argued that the current administration must clarify why it continues to borrow heavily despite boasting of higher revenue inflows, especially as citizens struggle with the heavy burdens of economic reforms.
The former Vice President demanded a comprehensive financial reconciliation from the presidency. This accounting should cover newly captured legacy debts, the impact of exchange-rate fluctuations on foreign loans, fresh credit facilities secured since 2023, total repayments made, and remaining balances. Furthermore, he raised specific concerns regarding external debt-service charges, pointing to a $39.25 million entry in the Debt Management Office's mid-2026 schedule—notably a $22.5 million charge tied to a First Abu Dhabi Bank Total Return Swap—and requested full transparency on the authorization, drawdowns, and remaining obligations of the facility. He also called for a clear breakdown of the ₦19.48 trillion in outstanding Treasury Bills as of June 2026.
Highlighting the stark contrast between official macroeconomic data and everyday realities, Atiku emphasized that the true measure of any economic policy is its impact on the population's standard of living. He referenced a mid-2026 International Monetary Fund assessment indicating that poverty remains high at 63 percent, with tens of millions facing food insecurity. Citing fiscal data from BudgIT, he pointed out that massive debt-servicing costs continue to consume a major portion of government revenues, while the 2026 budget projects a substantial deficit of approximately ₦31.45 trillion.
Ultimately, Atiku stated that the Nigerian public deserves answers regarding the tangible outcomes of widespread economic sacrifices, such as the removal of fuel subsidies, currency depreciation, and soaring utility and transportation costs. He concluded that President Tinubu and the ruling party owe citizens an explanation and an apology for the ongoing hardship, asserting that ordinary Nigerians have yet to experience the promised benefits of the administration's reforms.