Staff Reporter Odeh Rukevwe

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has called on President Bola Ahmed Tinubu to provide Nigerians with a comprehensive explanation of the country’s rising debt and borrowing.

Atiku also urged the Tinubu administration and the All Progressives Congress (APC) to apologise to Nigerians over the economic difficulties he attributed to the government’s policies since 2023.

His position was contained in a statement issued by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.

The demand 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 represents an increase from the ₦49.85 trillion recorded in March 2023.

Atiku questioned why the Federal Government was continuing to borrow despite increased government revenues.

He asked the administration to provide a detailed breakdown showing inherited obligations, debts newly captured in official figures, the effect of exchange-rate changes on foreign debt and loans obtained since Tinubu assumed office.

The former vice president also requested details of repayments already made and the outstanding obligations.

Beyond the overall debt figure, Atiku raised questions about Nigeria’s debt-servicing costs and Treasury Bills. He called for a reconciliation of the ₦19.48 trillion in Treasury Bills outstanding as of June 30, including information on instruments that had matured, been redeemed, rolled over or represented fresh borrowing.

He further sought clarification on certain transactions listed as “other charges” in the DMO’s second-quarter 2026 external debt-service report, including a reported $22.5 million charge associated with a First Abu Dhabi Bank Total Return Swap.

Atiku argued that Nigerians deserved greater transparency on how public funds were being generated, borrowed and spent.

He also linked his concerns to the rising cost of living, citing increased expenses for food, transportation, electricity, housing and other basic needs.

According to the former vice president, improvements in government revenue and some macroeconomic indicators should ultimately translate into better living conditions for citizens.

The International Monetary Fund, in its June 2026 assessment, said Nigeria’s reforms had improved some macroeconomic outcomes but noted that conditions remained difficult for many Nigerians. The Fund estimated poverty at 63 per cent under the national poverty line and reported that about 27 million Nigerians had experienced food insecurity in late 2025.

Atiku therefore urged the Federal Government to explain how its borrowing strategy was supporting economic development and how the sacrifices made by Nigerians were translating into tangible benefits.

He also called for an apology from President Tinubu and the APC over what he described as the hardship associated with the administration’s economic reforms.

The former vice president maintained that the government should provide Nigerians with a clear account of its revenues, borrowing, debt-service commitments and the outcomes of the policies implemented since 2023.