Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
Former Vice President Atiku Abubakar has thrown down a direct challenge to President Bola Tinubu, demanding a full public accounting of how Nigeria's public debt ballooned to ₦166.79 trillion by June 2026 despite what he described as rising government revenues and painful economic reforms that have left millions of Nigerians struggling. In a statement issued on Saturday, September 26, 2026, by the ADC Presidential Campaign Council, Atiku said a government that claims 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's intervention came in response to the latest data from the Debt Management Office, which put Nigeria's total public debt at ₦166.79 trillion as of June 30, 2026, with domestic debt accounting for ₦91.59 trillion, or 54.91 per cent of the total portfolio. The DMO converted the external debt stock using the Central Bank of Nigeria's official exchange rate of ₦1,379.1842 per dollar, putting the total public debt at $120.93 billion, comprising $54.52 billion in external debt and $66.41 billion in domestic debt. The Federal Government accounted for about ₦152.77 trillion of the total public debt, while states and the Federal Capital Territory accounted for approximately ₦14.01 trillion.
Atiku did not stop at the headline figure. He demanded a full reconciliation of the debt, including old obligations newly captured, exchange-rate effects on foreign debt, fresh loans contracted since 2023, repayments and outstanding balances. "I expect President Tinubu to put the full account before Nigerians," he said. He also questioned the gap between official economic indicators and the rising cost of living, arguing that improved government revenues and other macroeconomic indicators had yet to translate into affordable living conditions for many Nigerians. "The true test of economic policy is whether Nigerians can afford food, transportation, housing, education, healthcare and electricity," Atiku said.
The former vice president cited a June 2026 International Monetary Fund assessment which, while acknowledging improved macroeconomic outcomes from Nigeria's reforms, said conditions remained difficult for many Nigerians. The Fund estimated poverty at 63 per cent and said 27 million Nigerians had faced food insecurity in late 2025. Atiku further cited BudgIT figures showing ₦12.52 trillion 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. "If President Tinubu understands abroad what debt payments are taking away from Nigeria, then he must explain at home why the borrowing bill continues to grow," Atiku said.
He also demanded explanations for $39.25 million listed as "other charges" in the DMO's second-quarter 2026 external debt-service schedule, including a $22.5 million charge linked to a First Abu Dhabi Bank Total Return Swap. "What exactly was the $22.5 million charge for? Which agreement authorised it? What was the original facility? How much was drawn? What obligations remain outstanding?" he asked. Atiku called for a reconciliation of the ₦19.48 trillion Treasury Bills outstanding as at June 30, saying Nigerians needed to know what was redeemed, rolled over and genuinely borrowed.
The former vice president also demanded an apology from Tinubu and the APC over the hardship caused by the 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. After all of this, the Nigerian people are entitled to ask one simple question: what exactly did our sacrifice buy?" Atiku said. "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."
Atiku's criticism is the latest in a series of attacks on the Tinubu administration's economic policies. He has previously questioned the government's borrowing profile, challenged the proposed Vienna bond plan, and demanded explanations for what he described as a hidden oil windfall. The Presidency has consistently pushed back, arguing that Nigeria's debt remains sustainable when assessed against the size of the economy and its revenue-generating capacity. Presidential spokesman Bayo Onanuga has said the debt-service-to-revenue ratio has fallen from nearly 100 per cent in late 2022 to under 60 per cent in 2026, reflecting improved revenue efficiency and conservative debt management.
The DMO data shows that the Federal Government accounted for the largest share of both domestic and external debt. FGN external debt stood at ₦65.77 trillion, representing 39.44 per cent of total public debt, while FGN domestic debt stood at ₦87.00 trillion, representing 52.16 per cent of the total. FGN bonds remained the largest component of the Federal Government's domestic debt portfolio, with an outstanding value of ₦64.84 trillion, representing 74.53 per cent of FGN domestic debt. Nigerian Treasury Bills accounted for ₦19.48 trillion, representing 22.39 per cent of FGN domestic debt.
The controversy comes as Nigeria's fiscal framework for 2026 provides for about ₦68.32 trillion in expenditure against projected revenue of ₦36.87 trillion, leaving a deficit of roughly ₦31.45 trillion. Atiku argued that the deficit could only be financed through more borrowing, which would further increase the debt burden on future generations.
The political dimension of the dispute is impossible to ignore. Atiku is the presidential candidate of the African Democratic Congress and is positioning himself as the candidate best equipped to unseat Tinubu in 2027. His attacks on the administration's debt profile are part of a broader campaign strategy that seeks to highlight the economic hardship facing Nigerians and present the ADC as an alternative. The Presidency, meanwhile, has dismissed Atiku's criticisms as outdated and politically motivated, insisting that the reforms are yielding measurable results and that the debt remains sustainable.
For ordinary Nigerians, the debate over debt figures and fiscal frameworks may seem remote from their daily struggles. But the numbers have real consequences. The cost of servicing the debt—₦12.52 trillion by the third quarter of 2025—competes directly with spending on education, healthcare, infrastructure and other essential services. Every naira spent on debt service is a naira that cannot be spent on the things that improve people's lives. That is the crux of Atiku's argument, and it is one that resonates with a population weary of economic hardship.
The DMO data also reveals that states and the FCT accounted for ₦9.42 trillion in external debt and ₦4.59 trillion in domestic debt, bringing their total obligations to approximately ₦14.01 trillion. The Federal Government remains the dominant borrower within Nigeria's public debt structure, particularly on the domestic side. The debt stock has risen sharply under the current administration, from ₦87.38 trillion as of June 30, 2023, to ₦166.79 trillion by June 30, 2026, a 90.9 per cent increase over three years.
As the 2027 elections approach, the debt debate is likely to intensify. Atiku has made it clear that he will continue to demand accountability from the Tinubu administration, and the Presidency has made it clear that it will continue to defend its record. The Nigerian people, meanwhile, are watching, waiting for the promised gains of reform to materialise in their lives. Whether the government's economic policies will eventually deliver the prosperity they have promised remains the defining question of the Tinubu era. For now, the debt continues to rise, and the sacrifice continues to be borne by those who can least afford it.
📩 Stone Reporters News | 🌍 stonereportersnews.com
✉️ info@stonereportersnews.com | 📘 Facebook: Stone Reporters News | 🐦 X (Twitter): @StoneReportNew | 📸 Instagram: @stonereportersnews
Add comment
Comments