Atiku Demands Tinubu Apologise Over Nigeria's ₦166.79 Trillion Debt and Rising Hardship
- Former Vice President Atiku Abubakar attacked the Tinubu administration over Nigeria's public debt, which rose from ₦49.85 trillion in 2023 to ₦166.79 trillion by June 2026
- Atiku cited IMF figures estimating poverty at 63% under the national poverty line and 27 million Nigerians facing food insecurity in late 2025
- The statement demanded that Tinubu publicly account for specific debt charges, including a $22.5 million payment to First Abu Dhabi Bank, and apologise for economic hardship
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Former Vice President Atiku Abubakar has called on President Bola Tinubu to apologise to Nigerians for the economic hardship caused by his administration's policies, while also demanding a full public account of how Nigeria's debt has grown since 2023.
In a statement released on Friday, September 26, by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council, Atiku said Nigeria's recorded public debt had climbed from ₦49.85 trillion in March 2023 to ₦166.79 trillion by June 30, according to the Debt Management Office.
Source: Twitter
"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.
Atiku: Debt burden and the cost of borrowing
Atiku pointed to figures from BudgIT showing that by the third quarter of 2025, debt service had reached ₦12.52 trillion against ₦18.63 trillion in revenue, meaning roughly ₦67 out of every ₦100 in revenue went to servicing debt.
He also noted that the 2026 fiscal framework projects expenditure of about ₦68.32 trillion against revenue of ₦36.87 trillion, leaving a deficit of roughly ₦31.45 trillion.
He referenced President Tinubu's own remarks at the Africa Forward Summit in Nairobi in May, where Tinubu said Nigeria expected to spend about $11.6 billion on debt service in 2026, describing it as nearly half of projected revenue.
"If President Tinubu understands abroad what debt payments are taking away from Nigeria, then he must explain at home why the borrowing bill continues to grow," Atiku said.
Two Nigerias and a demand for accountability
The former vice president said the administration's economic direction had produced what he described as two separate realities: one in which ordinary Nigerians struggled with rising costs for food, fuel, transport, electricity, housing and education, and another in which the wealthy were better placed to protect their fortunes.
He cited a June 2026 IMF assessment that acknowledged improved macroeconomic outcomes under the reforms but also estimated poverty at 63 per cent under the national poverty line, with 27 million Nigerians facing food insecurity in the latter part of 2025. Petrol was selling at around ₦1,400 per litre in Lagos and Abuja, and as high as ₦1,500 in parts of northern Nigeria in September, while diesel exceeded ₦2,000 per litre.
Atiku also demanded clarity on a $22.5 million charge recorded by the DMO against a First Abu Dhabi Bank Total Return Swap between April and June 2026, classified as "other charges" with no principal or interest payment recorded.
He asked which agreement authorised the payment and what obligations remained outstanding.
"Nigerians do not eat GDP figures, FAAC allocations or PowerPoint presentations. The numbers must eventually arrive at the dinner table," he said.
He concluded by calling on Tinubu and the APC to apologise to workers, pensioners, parents and families who had absorbed the cost of reforms without seeing comparable gains in their daily lives.
Source: Legit.ng
