Former Vice President Atiku Abubakar has challenged President Bola Tinubu to explain the rise in Nigeria’s public debt to N166.79 trillion despite increased government revenues, arguing that Nigerians are yet to see corresponding improvements in their living conditions.

Atiku, in a statement issued by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council, said the country’s public debt rose from N49.85 trillion in March 2023 to N166.79 trillion by June 2026.

He questioned why the Federal Government continued to borrow despite higher revenues, particularly after Nigerians had endured increases in the cost of food, transportation, fuel, electricity and other essential goods and services.

Atiku called on the Tinubu administration to provide a comprehensive reconciliation of the debt figures, including previously existing obligations newly captured in the debt stock, exchange-rate effects on foreign-denominated debt, new loans contracted since 2023, repayments and outstanding balances.

According to him, the government should explain how increased revenues and improved macroeconomic indicators have translated into tangible benefits for ordinary Nigerians.

“The true test of economic policy is whether Nigerians can afford food, transportation, housing, education, healthcare and electricity,” Atiku said.

He also referenced a June 2026 assessment by the International Monetary Fund, which acknowledged improvements in some of Nigeria’s macroeconomic indicators but noted that economic conditions remained difficult for many citizens.

The IMF estimated poverty at 63 per cent and reported that 27 million Nigerians experienced food insecurity in late 2025.

Atiku further cited BudgIT figures which put Nigeria’s debt-service expenditure at N12.52 trillion against revenue of N18.63 trillion by the third quarter of 2025. He also pointed to the 2026 fiscal framework, which projects a deficit of about N31.45 trillion.

The former vice president demanded clarification of $39.25 million listed as “other charges” in the Debt Management Office’s second-quarter 2026 external debt-service schedule.

He specifically questioned a $22.5 million charge associated with a First Abu Dhabi Bank Total Return Swap, asking what agreement authorised the transaction and what obligations remained outstanding.

Atiku also called for a reconciliation of the N19.48 trillion Treasury Bills outstanding as of June 30, saying Nigerians deserved clarification on the amounts redeemed, rolled over and newly borrowed.

He argued that the economic reforms, including the removal of petrol subsidy and the depreciation of the naira, had imposed significant costs on Nigerians, while government revenues had increased.

Atiku therefore demanded an apology from President Tinubu and the All Progressives Congress over the hardship associated with the reforms, while asking the administration to account for what Nigerians had gained from the sacrifices made.

“The real test of this economy is not whether the numbers look good in government presentations. It is whether ordinary Nigerians can afford to live,” he said.