Former Vice-President Atiku Abubakar has challenged President Bola Ahmed Tinubu to explain why Nigeria’s public debt continues to rise despite increased government revenues.
Atiku, who is the presidential candidate of the African Democratic Congress (ADC), made the demand in a statement issued on Saturday by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council.
His comments followed the latest figures from the Debt Management Office (DMO), which show that Nigeria’s total public debt stood at N166.79 trillion as of June 30, 2026.
The DMO figure represents an increase of N7.44 trillion, or about 4.7 per cent, from the N159.35 trillion recorded at the end of March 2026. The latest debt stock comprises N91.59 trillion in domestic debt and about N75.20 trillion in external debt.
Atiku Questions Continued Borrowing
Atiku questioned why the Federal Government continues to borrow despite increased revenues and the removal of the petrol subsidy.
He argued that Nigerians are still dealing with high costs of food, transportation, energy, education and other essential needs despite the economic reforms introduced by the Tinubu administration.
“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 compared Nigeria’s public debt with the N49.85 trillion recorded in March 2023, arguing that the increase requires a detailed explanation from the Federal Government.
Atiku Demands Breakdown of Nigeria’s Debt
Atiku called on President Tinubu to provide Nigerians with a detailed breakdown of the country's current debt profile.
He wants the government to distinguish between old debts that were newly recorded, increases in the naira value of foreign-denominated debts caused by exchange-rate movements and new loans contracted since the administration took office.
He also requested details of debts that have already been repaid and the amount that remains outstanding.
“I expect President Tinubu to put the full account before Nigerians,” Atiku said.
“He should identify the old debt newly recorded, the foreign debt whose naira value rose with the exchange rate, and every new loan contracted since he assumed office.”
Atiku Says Nigerians Are Yet to Feel Economic Gains
Atiku also questioned whether improvements in some macroeconomic indicators are translating into better living conditions for ordinary Nigerians.
He described what he sees as a growing gap between official economic indicators and the experiences of households facing higher costs of living.
“The true test of economic policy is whether Nigerians can afford food, transportation, housing, education, healthcare and electricity,” he said.
Atiku argued that increased government revenue and improvements in foreign reserves should not, on their own, be treated as evidence that economic reforms are delivering broad-based benefits.
IMF Reports Economic Improvements but Difficult Conditions
The International Monetary Fund (IMF) said in its June 2026 Article IV assessment that Nigeria's reforms had produced improved macroeconomic outcomes and strengthened economic resilience.
However, the IMF also noted that conditions remained difficult for many Nigerians. It estimated that poverty had reached 63 per cent under the national poverty line and that about 27 million Nigerians experienced food insecurity in late 2025.
The IMF further warned that higher fuel, food and fertiliser prices could increase inflationary pressures and worsen poverty and food insecurity.
These figures were cited by Atiku as part of his argument that macroeconomic improvements need to be accompanied by improvements in household welfare.
Atiku Raises Concerns Over Debt Servicing
The former Vice-President also raised concerns about the amount of government revenue being used to service Nigeria's debt.
He cited BudgIT figures showing that debt servicing reached N12.52 trillion in the third quarter of 2025, compared with revenue of N18.63 trillion.
“Money committed to debt service is money unavailable for competing public needs,” Atiku said.
He questioned how much of the government's available revenue could continue to be allocated to debt servicing while funding was also required for infrastructure, education, healthcare and other public services.
Nigeria’s Debt Rises to N166.79tn
The latest DMO figures show that Nigeria's total public debt increased from N159.35 trillion in March 2026 to N166.79 trillion by June 2026.
Domestic debt accounted for N91.59 trillion, representing about 54.91 per cent of the total debt stock, while external debt stood at approximately N75.20 trillion.
The DMO published the June 30, 2026 debt figures on September 25, 2026, alongside separate reports covering domestic debt, external debt and debt-service payments.
Atiku Questions Nigeria’s Fiscal Deficit
Atiku also referred to the government's 2026 fiscal framework, which provides for expenditure substantially above projected revenue.
He argued that continued budget deficits could increase pressure on the government to borrow, particularly if revenues do not rise sufficiently to cover planned spending.
The former Vice-President said Nigerians should be given a clear explanation of how borrowed funds are being used and what measurable outcomes are being achieved from the borrowing.
Atiku Calls for Greater Transparency
Atiku said the government should provide Nigerians with comprehensive information about its revenues, borrowing, debt-service obligations and the outcomes of expenditure financed through borrowing.
He also questioned specific debt-related transactions and called for greater disclosure of the government's borrowing and repayment arrangements.
The former Vice-President argued that Nigerians who have endured the effects of fuel subsidy removal and foreign-exchange reforms are entitled to know what benefits those sacrifices have produced.
“Nigerians were promised that today’s pain would produce tomorrow’s gain. After more than three years, they are entitled to ask: gain for whom?” he said.
The latest development has renewed public discussion about Nigeria's rising debt, the cost of debt servicing and whether the country's economic reforms are translating into improved living conditions for citizens.
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