By Sandra Kenneth
Former Vice-President Atiku Abubakar has demanded a full reconciliation of Nigeria’s public debt portfolio, including new borrowings, Treasury Bills, and controversial external service charges, following fresh data showing the national debt stock has climbed to ₦166.79 trillion.
Atiku also called on President Bola Tinubu and the ruling All Progressives Congress (APC) to tender an unreserved apology to Nigerians for the severe economic hardship resulting from the removal of the petrol subsidy and foreign exchange unification policies.
The demands were contained in a statement released on Saturday by Phrank Shaibu, Director of Strategic Communications for the African Democratic Congress (ADC) Presidential Campaign Council, following the release of the Debt Management Office’s (DMO) second-quarter report.
According to DMO data published on September 25, Nigeria’s total public debt reached ₦166.79 trillion as of June 30, 2026—comprising ₦91.59 trillion in domestic obligations and ₦75.20 trillion in external debt (converted at an official exchange rate of ₦1,379.18 to the dollar).
Contrasting the current figure with the ₦49.85 trillion recorded in March 2023 before the current administration assumed office, Atiku urged the Federal Government to publish a detailed breakdown distinguishing inherited liabilities, exchange-rate valuation impacts, and newly contracted loans.
He specifically tasked the government to clarify the status of the ₦22.71 trillion in Ways and Means advances securitized into public debt in mid-2023, as well as the transaction details surrounding ₦19.48 trillion in outstanding Treasury Bills.
“A government that claims revenue has increased must explain why it keeps borrowing and why the citizens paying for these policies cannot see the promised gains,” Atiku stated.
The former Vice-President further questioned a $39.25 million item listed under “other charges” in the DMO’s Q2 2026 external debt-service record—notably a $22.5 million charge tied to a First Abu Dhabi Bank Total Return Swap that reflected no corresponding principal or interest repayment.
Atiku criticized the administration’s fiscal trajectory amid a ₦31.45 trillion deficit in the 2026 budget, pointing out that macro-economic indicators must translate to improved living standards for ordinary Nigerians struggling with high food, energy, and housing costs.
“Nigerians were asked to sacrifice. Fuel subsidy was removed, the naira depreciated, and electricity costs soared. After all of this, the Nigerian people are entitled to ask: what exactly did our sacrifice buy?” Atiku added, calling for full financial transparency and immediate policy recalibration.
