Eniola Yekini
Former Vice President Atiku Abubakar has asked President Bola Ahmed Tinubu to give a full account of Nigeria’s borrowing and debt profile and address the hardship faced by Nigerians following the removal of the fuel subsidy.
Atiku said this in a statement issued by Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress (ADC) Presidential Campaign Council.
He said after more than three years of reforms, Nigerians are facing higher food, transport and energy bills, with public debt recorded at N166.79 trillion as at 30 June 2026, according to the Debt Management Office (DMO, compared to N49.85 trillion in March 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 ADC presidential candidate asked the President to identify old debt newly recorded, foreign debt whose naira value rose with the exchange rate, and every new loan contracted since assumption of office, as well as what has been repaid and outstanding.
Atiku said the debt question cannot be separated from the lived reality of ordinary Nigerians, noting that while government reports improving macroeconomic outcomes, many citizens struggle with the cost of living.
He said the true test of economic policy is whether Nigerians can afford food, transportation, housing, education, healthcare and electricity.
He cited an IMF assessment in June 2026, which said reforms improved macroeconomic outcomes but acknowledged conditions remained difficult, estimating poverty at 63 per cent under the national poverty line and saying 27 million Nigerians faced food insecurity in the latter part of 2025, with a warning that higher fuel, food and transport costs could worsen poverty.
He also cited recent fuel price pressures, with petrol selling around N1,400 per litre in Lagos and Abuja and as high as N1,500 in parts of northern Nigeria in September, while diesel exceeded N2,000 per litre.
Atiku said the cost of servicing debt has become a major concern, citing BudgIT report that quarter of 2025, debt service reached N12.52 trillion against N18.63 trillion revenue — 67.2 per cent.
He noted the 2026 fiscal framework provides for about N68.32 trillion expenditure against projected revenue of N36.87 trillion, leaving deficit of roughly N31.45 trillion.
He recalled President Tinubu’s remarks at Africa Forward Summit in Nairobi in May that Nigeria expected to spend about $11.6 billion on debt service in 2026, describing the amount as nearly half of projected revenue.
Atiku also demanded disclosure concerning DMO’s external debt-service schedule for second quarter of 2026, where $39.25 million was recorded as ‘other charges’ between April and June 2026, including $22.5 million against First Abu Dhabi Bank Total Return Swap and about $8.97 million against Deutsche Bank AG.
He asked for clarification on what the $22.5 million charge was for, which agreement authorised it, original facility, how much was drawn and obligations outstanding.
He also asked for reconciliation of Treasury Bill borrowing, noting DMO reported N19.48 trillion outstanding Nigerian Treasury Bills at 30 June 2026, and urged the government to publish what subsequently matured, redeemed, rolled over and what constituted new borrowing.
Atiku said the administration should apologise to families facing hardship and account for revenues and borrowing.
“An apology is not too much to ask from a government under whose watch many Nigerians have been pushed into deeper economic distress,” he said.
“Good economics must ultimately improve human life. If government revenue rises while families become poorer, Nigerians have right to demand full account.”
He urged the Federal Government to reconcile borrowing, explain charges, show what sacrifice has produced and focus on making life affordable.