Atiku To Tinubu: Account For ₦166.79trn Debt, Apologise To Nigerians Over Hardship
By The Analyst News Desk
ABUJA — Former Vice President Atiku Abubakar has challenged President Bola Tinubu’s administration to provide Nigerians with a comprehensive account of the country’s ₦166.79 trillion public debt, while demanding an apology over what he described as the severe economic hardship Nigerians have endured since 2023.
Atiku’s demand followed the latest public debt 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 compares with ₦49.85 trillion recorded in March 2023.
In a statement issued by Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress Presidential Campaign Council, Atiku questioned why government borrowing had continued despite increased public revenues.
He demanded a transparent reconciliation showing the components of the current debt stock, including previously unrecorded obligations, the impact of exchange-rate movements on foreign-currency debt, fresh loans contracted since 2023, repayments and outstanding balances.
«“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 also raised questions over debt-service transactions recorded during the second quarter of 2026, including what he described as $39.25 million in “other charges”, with particular reference to a $22.5 million transaction involving First Abu Dhabi Bank and about $8.97 million involving Deutsche Bank AG.
He called for details of the original facilities, amounts drawn, outstanding balances, repayment terms and supporting documentation for the transactions.
‘Nigerians Were Asked To Sacrifice’
Atiku also criticised the economic consequences of the administration’s policies, pointing to the removal of the petrol subsidy, naira depreciation and increases in the cost of electricity, transportation, food and other essential goods.
He argued that Nigerians who were repeatedly asked to make sacrifices were entitled to see clear evidence of the benefits of the reforms.
According to him, President Tinubu should apologise to families struggling with food costs, workers whose incomes are increasingly consumed by transportation expenses, parents facing rising school fees, pensioners affected by inflation and businesses struggling with operating costs.
The former Vice President further questioned the relationship between rising government revenues, continued borrowing and the country's growing debt-service burden.
He urged the Federal Government to publish a clear reconciliation of new borrowing and repayments so Nigerians can distinguish between genuinely new debt and obligations arising from refinancing or previously unrecorded liabilities.
Accountability Question
Atiku’s intervention places the country’s expanding debt stock and the economic consequences of government borrowing at the centre of renewed political debate.
The DMO’s ₦166.79 trillion figure provides the latest official benchmark for Nigeria’s public debt as of June 2026, while Atiku’s criticism represents his political assessment of the administration’s borrowing and economic policies.
The demand for a detailed public reconciliation effectively puts the question of how much Nigeria owes, why it was borrowed, what has been repaid and what Nigerians have received in return at the heart of the debate over the government’s economic management.