Nigeria’s total public debt has climbed to N166.79tn as of June 30, 2026, up sharply from the N49.85tn recorded in March 2023, prompting former Vice-President Atiku Abubakar to demand a comprehensive explanation of the increase under President Bola Tinubu’s administration.
The latest debt figures released by the Debt Management Office on September 25 showed that the country’s outstanding obligations comprised N91.59tn in domestic debt and N75.20tn in external debt.
The external component was converted at an official exchange rate of N1,379.18 to the dollar.
Reacting to the figures, Atiku questioned the scale of the increase in Nigeria’s debt stock since the Tinubu administration assumed office, calling for a detailed breakdown of the factors responsible for the growth.
In a statement issued on Saturday by Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress Presidential Campaign Council, Atiku demanded clarification on how much of the N166.79tn represented inherited debt, how much resulted from the naira value of foreign obligations rising because of exchange-rate movements and how much came from fresh borrowing since May 2023.
He also sought an explanation of the N22.71tn Ways and Means advances that were securitised and incorporated into the country’s 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 further urged the Federal Government to distinguish between old obligations, exchange-rate-related increases in the naira value of foreign debt and loans contracted since Tinubu assumed office.
He asked 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.”
Atiku also raised concerns over the government’s Treasury Bills obligations, following the DMO’s latest domestic debt figures showing that Federal Government Treasury Bills outstanding stood at N19.48tn as of June 30, 2026.
He called for a reconciliation of the figure, seeking details of Treasury Bills that had matured, those redeemed by the government, those rolled over and those issued as new borrowing.
“A June snapshot cannot answer a September question,” he said, demanding a transparent account of the transactions behind the Treasury Bills balance.
The former vice-president also questioned a $39.25m amount classified as “other charges” in the DMO’s second-quarter 2026 external debt-service report.
The report listed $22.5m for a First Abu Dhabi Bank Total Return Swap and $8.97m for Deutsche Bank AG. Atiku noted that the figures showed no principal or interest payment against the First Abu Dhabi Bank Total Return Swap during the quarter, despite the $22.5m being recorded under other charges.
He consequently asked the Federal Government to disclose the nature of the transaction and the agreement that authorised 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.
The debt increase comes at a time when the Federal Government is also facing a sizeable financing gap in its 2026 budget. The budget projects expenditure of approximately N68.32tn against expected revenue of N36.87tn, leaving a deficit of about N31.45tn, with borrowing expected to finance a substantial portion of the shortfall.
President Tinubu had previously acknowledged the pressure associated with debt servicing. Speaking at the Africa Forward Summit in Nairobi in May, he said Nigeria was expected to spend about $11.6bn servicing its debt in 2026, describing the amount as nearly half of projected revenue.
Against this backdrop, Atiku questioned how increased government revenues and reported improvements in some macroeconomic indicators were translating into improved living conditions for Nigerians while the country’s debt 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 tied the rising debt and economic pressures to the reforms introduced by the Tinubu administration, including the removal of the petrol subsidy and changes to 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 continuing concerns over poverty and food insecurity. In its June 2026 Article IV assessment, the International Monetary Fund said Nigeria’s macroeconomic performance had improved following the reforms but noted that living conditions remained difficult for many Nigerians.
The IMF estimated poverty at 63 per cent under the national poverty line and said an estimated 27 million Nigerians experienced food insecurity in the latter part of 2025. It also warned that higher food and fuel prices could further worsen poverty and food insecurity.
Atiku described the contrast between rising government revenues and the financial pressure experienced by households as a major concern.
“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 renewed his call for the Federal Government to provide Nigerians with a comprehensive account of the country’s borrowing and debt-servicing transactions.
“Reconcile the borrowing. Explain the charges. Show Nigerians what their sacrifice bought. Apologise for the hardship,” Atiku demanded.
