Former Vice President Atiku Abubakar has criticized President Bola Tinubu's administration for its borrowing spree, which has led to Nigeria's total public debt reaching ₦166.79 trillion as of June 30, 2026. Atiku's comments were made through a statement issued by Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress (ADC) Presidential Campaign Council. He expressed concerns over the government's continued borrowing despite increased public revenues.
Atiku questioned the government's borrowing strategy, demanding a detailed account of Nigeria's existing debt, new borrowing, and repayments. He urged Tinubu to distinguish between previously unrecorded obligations, changes in the naira value of foreign debt, and genuinely new loans contracted since the administration assumed office. Atiku emphasized the need for transparency in the government's borrowing and debt servicing.
The former vice president linked the debt situation to the widening gap between official claims of economic improvement and the experience of ordinary Nigerians. He described the current economic situation as producing "two Nigerias": one where citizens struggle with rising costs, and another where those with wealth and privilege are better positioned to protect their fortunes. Atiku argued that economic success should be measured by household purchasing power, not just macroeconomic indicators.
The International Monetary Fund (IMF) had noted in its June 2026 Article IV assessment that Nigeria's reforms had improved macroeconomic outcomes, but conditions remained difficult for many Nigerians. The IMF estimated poverty at 63% under the national poverty line and reported that about 27 million Nigerians faced food insecurity in late 2025. Atiku emphasized the need for the government to demonstrate how its economic reforms were improving household welfare.
Atiku raised concerns about the cost of servicing Nigeria's debt, arguing that it reduces resources available for other public priorities. He demanded greater transparency over Nigeria's external debt-service payments, including the classification of certain transactions under "other charges". Specifically, he questioned a reported $22.5 million charge associated with a First Abu Dhabi Bank Total Return Swap.
The Debt Management Office (DMO) has published its second-quarter 2026 external debt-service report, providing the official breakdown of Nigeria's payments for the period. Atiku also called for a reconciliation of Treasury Bill borrowing, following the DMO's report of ₦19.48 trillion in outstanding Nigerian Treasury Bills as of June 30, 2026. He urged the government to explain how its borrowing strategy fits into the broader fiscal framework.
Atiku concluded by calling on Tinubu to account for the sacrifices Nigerians had made since the removal of the petrol subsidy and foreign-exchange reforms. He demanded that the government provide a detailed account of its revenues, borrowing, debt-service obligations, and the outcomes of its economic policies. Atiku also called on Tinubu and the All Progressives Congress (APC) to apologize to Nigerians for the hardship caused by the administration's economic policies.
Key points
- Atiku Abubakar criticizes President Tinubu's administration for excessive borrowing, amid Nigeria's rising debt of ₦166.79 trillion.
- The former vice president demands transparency in the government's borrowing and debt servicing, citing the need for accountability.
- Atiku calls for a reconciliation of Treasury Bill borrowing and an explanation of the government's borrowing strategy.
