27/09/2026
🔥 ATIKU DEMANDS TINUBU EXPLAIN ₦166.79TN DEBT, APOLOGISE OVER HARDSHIP
ABUJA, Nigeria, September 27 (African News Digest) – Former Vice President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has called on President Bola Tinubu to explain Nigeria’s rising public debt and apologise for the hardship associated with the administration’s economic reforms.
Atiku’s demands were contained in a statement by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.
The statement followed the latest figures from the Debt Management Office (DMO), which put Nigeria’s total public debt at ₦166.79 trillion as of June 30, 2026. The figure comprises ₦91.59 trillion in domestic debt and ₦75.20 trillion in external debt.
Atiku said the government should provide a detailed reconciliation showing how much of the current debt represents obligations inherited from previous administrations, the impact of exchange-rate movements on foreign debt, new borrowing since 2023, repayments and outstanding balances.
He also questioned the ₦19.48 trillion Federal Government Treasury Bills outstanding as of June 30, 2026, asking for details of bills that matured, were redeemed, rolled over or represented new borrowing.
The former vice president further questioned $39.25 million listed as “other charges” in the DMO’s second-quarter 2026 external debt-service report, including $22.5 million associated with a First Abu Dhabi Bank Total Return Swap and about $8.97 million linked to Deutsche Bank AG.
Atiku asked the government to explain the purpose of the First Abu Dhabi Bank transaction, the agreement authorising it, the original facility, the amount drawn and any outstanding obligations.
The DMO has published the relevant second-quarter external debt-service report among its September 25, 2026 releases.
On living conditions, Atiku argued that increased government revenues and improvements in some macroeconomic indicators had not sufficiently translated into affordable food, transportation, housing, education, healthcare and electricity for many Nigerians.
The International Monetary Fund, in its June 2026 Article IV assessment, said Nigeria's reforms had improved macroeconomic outcomes and strengthened resilience, while also noting that conditions remained difficult for many Nigerians. The IMF estimated poverty at 63 percent under the national poverty line and said an estimated 27 million Nigerians experienced food insecurity in late 2025.
The IMF also projected Nigeria’s economy to grow by about 4.1 percent in 2026, while warning that higher food and transport costs could weigh on economic activity and that external price pressures could worsen poverty and food insecurity.
Atiku said the Tinubu administration should account for the borrowing, explain the debt-service charges and address the economic pressures facing households.
He also called on President Tinubu and the All Progressives Congress (APC) to apologise to Nigerians over the hardship he attributes to the administration’s economic policies.