Former Vice President Atiku Abubakar has publicly challenged President Bola Tinubu to explain why Nigeria’s public debt rose to ₦166.79 trillion by June 2026 despite an increase in government revenues, a demand made in Abuja through a statement issued by Phrank Shaibu, Director of Strategic Communications for the ADC Presidential Campaign Council.
Atiku noted that the country’s debt climbed from ₦49.85 trillion in March 2023 to ₦166.79 trillion in June 2026, while the government has reported higher revenue collections. He called on the president to provide a full reconciliation of the debt, including “old obligations newly captured, exchange‑rate effects on foreign debt, fresh loans contracted since 2023, repayments and outstanding balances.”
The former vice‑president cited BudgIT data showing that debt service payments of ₦12.52 trillion were made against ₦18.63 trillion in revenue by the third quarter of 2025, and warned that the 2026 fiscal framework projects a deficit of about ₦31.45 trillion. He also questioned a $39.25 million “other charges” line in the Debt Management Office’s second‑quarter 2026 external debt‑service schedule, specifically a $22.5 million charge linked to a First Abu Dhabi Bank total‑return swap, asking for details on the agreement, facility and remaining obligations.
The criticism comes after a June 2026 International Monetary Fund assessment that, while acknowledging improved macro‑economic outcomes from recent reforms, said conditions remained difficult for many Nigerians. The IMF estimated poverty at 63 percent and reported that 27 million people faced food insecurity in late 2025.
Atiku further demanded an apology from President Tinubu and the All Progressives Congress for the hardships caused by policy changes such as the removal of fuel subsidies, sharp naira depreciation, and rising electricity and transport costs. He argued that the true test of economic policy is whether ordinary Nigerians can afford basic necessities, and urged the administration to explain what the public’s sacrifices have actually delivered.
<small>Source: Vanguard News — read the original story there.</small>
