Atiku Challenges Tinubu on Nigeria's Surging Debt Amid Rising Revenue

Former Vice President Atiku Abubakar has called on President Bola Tinubu to clarify why Nigeria's public debt has skyrocketed to ₦166.79 trillion, despite the government's reported increase in revenue. Atiku argues that citizens have yet to see the benefits promised from the administration's economic reforms.

In a statement from Phrank Shaibu, Director of Strategic Communications for the ADC Presidential Campaign Council, Atiku pointed out that Nigeria's public debt rose dramatically from ₦49.85 trillion in March 2023 to ₦166.79 trillion by June 2026. 

“A government claiming increased revenue must explain why it continues to borrow and why the populace sees no tangible benefits,” he asserted. 

Atiku urged Tinubu to provide a detailed account of the national debt, including new loans, exchange-rate impacts on foreign debt, and reconciliations of old obligations. "I expect President Tinubu to present a full account to Nigerians," he emphasized.

He also questioned the discrepancy between official economic reports and the escalating cost of living, stating that improved indicators have not translated into affordable essentials like food, transportation, and healthcare.

“The true measure of economic policy is whether Nigerians can afford basic needs,” Atiku stated, referencing a recent IMF assessment that noted ongoing hardships despite some macroeconomic improvements.

The IMF's June 2026 evaluation highlighted a poverty rate of 63% and indicated that 27 million Nigerians faced food insecurity by late 2025. 

Atiku cited BudgIT data showing ₦12.52 trillion spent on debt servicing against ₦18.63 trillion in revenue in the third quarter of 2025. He noted the 2026 fiscal framework predicts a deficit of about ₦31.45 trillion, raising concerns over the sustainability of the country’s finances.

“If President Tinubu understands the impact of debt payments abroad, he must explain why our borrowing continues to rise at home,” Atiku said, challenging the administration to address the issues head-on.

He demanded clarity on a $39.25 million charge listed in the DMO's external debt-service schedule, including a $22.5 million fee linked to a First Abu Dhabi Bank agreement. "What was this charge for? What obligations remain outstanding?" he queried.

Additionally, Atiku called for a reconciliation of ₦19.48 trillion in outstanding Treasury Bills, emphasizing the need for transparency regarding what has been redeemed or borrowed.

He concluded by demanding an apology from Tinubu and the APC for the hardships resulting from their policies, stressing that Nigerians deserve answers about the sacrifices they have made.

“The real test of this economy is whether ordinary Nigerians can afford to live,” Atiku asserted, reiterating the need for accountability amid rising living costs.