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African Democratic Congress (ADC) presidential candidate Atiku Abubakar has accused President Bola Tinubu of allegedly drowning Nigeria in debt.
Atiku, in a statement by the Director of Strategic Communication, ADC Presidential Campaign Council, Phrank Shaibu, said the huge borrowing by the present administration and the cost of servicing it were exacting enormous pressure on the country.
The ADC candidate noted that despite removing fuel subsidy and celebrating increased public revenue, the government is still borrowing “with an extraordinary appetite.”
Atiku, while stating that Nigeria’s recorded public debt stood at ₦49.85 trillion in March 2023 and ₦166.79 trillion by June 2026, said he expects President Tinubu to put the full account before the citizens.
Furthermore, he noted that the Debt Management Office (DMO) “recorded $39.25 million in ‘other charges’ between April and June 2026. This included $22.5 million against a First Abu Dhabi Bank Total Return Swap and about $8.97 million against Deutsche Bank AG. The table recorded no principal or interest payment against the First Abu Dhabi Bank Total Return Swap during the quarter, only the $22.5 million classified as ‘other charges’.”
“What exactly was the $22.5 million charge for? Which agreement authorised it? What was the original facility? How much was drawn? What obligations remain outstanding? Nigerians are entitled to the terms and supporting documentation,” he stated.
The former Vice-President argued that, “after more than three years of demanded sacrifice, Nigerians are left with higher food, transport and energy bills, strained public services and a recorded public debt of ₦166.79 trillion as at 30 June 2026, according to the Debt Management Office.”
“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.”
“The Tinubu economy is producing two Nigerias: one in which ordinary citizens are suffocating under rising food, fuel, transport, electricity, education and housing costs, and another in which those with wealth, access and privilege are far better positioned to protect and multiply their fortunes.”
“That is the fundamental contradiction at the heart of these reforms. Government celebrates macroeconomic indicators while millions of citizens struggle to translate those statistics into food on the table.”
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“An economy cannot be declared successful simply because government revenue is rising, reserves are improving or official statistics look better while the purchasing power of ordinary citizens is being destroyed. The true test of economic policy is whether Nigerians can afford food, transport, housing, education, healthcare and electricity,” he stated.
Atiku recalled that “in June 2026, the IMF said reforms had improved Nigeria’s macroeconomic outcomes, but also acknowledged that conditions remained difficult for many Nigerians, estimating poverty at 63 per cent under the national poverty line and saying 27 million Nigerians had faced food insecurity in the latter part of 2025. It warned that higher fuel, food and transport costs could worsen poverty and food insecurity.”
“Recent fuel-price pressures have further intensified the squeeze on household budgets, with petrol 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.”
“The philosophy of an economic reform cannot be that the poor surrender more and more while those already insulated from hardship become increasingly comfortable. 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?”
“A mother cannot feed her children with a government revenue announcement. A worker cannot pay transport fare with a speech about reform. Nigerians do not eat GDP figures, FAAC allocations or PowerPoint presentations. The numbers must eventually arrive at the dinner table.”
Atiku said the cost of carrying Nigeria’s debt had become an emergency of its own, noting that “BudgIT reported that by the third quarter of 2025, debt service had reached ₦12.52 trillion against ₦18.63 trillion in revenue — 67.2 per cent. In practical terms, roughly ₦67 out of every ₦100 of the revenue reflected in those figures went to debt service.”
“Money committed to debt service is money unavailable for competing public needs. Nigerians were told to endure the pain because there would be gains. Where are those gains? The 2026 fiscal framework provides for about ₦68.32 trillion in expenditure against projected revenue of ₦36.87 trillion, leaving a deficit of roughly ₦31.45 trillion.”
He added: “At the Africa Forward Summit in Nairobi in May, President Tinubu himself said Nigeria expected to spend about $11.6 billion on debt service in 2026, describing the amount as nearly half of projected revenue and acknowledging that debt costs divert resources from productive sectors.”
“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.”
“History warns us where this road can lead. Fiscal distress does not begin on the day a bailout is announced. It develops when borrowing becomes routine, debt service consumes an ever-larger share of available revenue and governments repeatedly borrow to finance gaps that previous borrowing failed to close. Nigerians should not have to wait for creditors to tell them what their household budgets already reveal.”
