Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), has accused President Bola Tinubu of plunging Nigeria in debt.
In a statement issued by Phrank Shaibu, Director of Strategic Communication for the ADC Presidential Campaign Council, Atiku said the country faced significant economic pressure because of the administration’s heavy borrowing and rising debt-servicing costs.
The ADC candidate said the government continued to borrow “with an exceptional appetite” despite removing the petrol subsidy and celebrating increased public revenue.
Atiku said Nigeria’s reported national debt rose from ₦49.85 trillion in March 2023 to ₦166.79 trillion by June 2026. He added that he expected President Tinubu to present a full account of the country’s finances to Nigerians.
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.
Speaking further, 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.”
Backstory…
The Debt Management Office (DMO) put Nigeria’s total public debt at ₦49.85 trillion as of March 2023. By September 2025, the figure had risen to ₦153.29 trillion, according to the DMO. Debt Management Office — Total Public Debt Records
The increase has been driven not only by fresh borrowing but also by the inclusion of previously unrecognised obligations and the government’s efforts to finance large fiscal deficits.
In its 2024–2027 Debt Management Strategy, the DMO said the increase in the debt-to-GDP ratio from 19% in 2019 to 40.57% in 2023 and 52.25% in 2024 reflected new borrowings, promissory notes and the inclusion of ₦30 trillion in Ways and Means advances from the Central Bank of Nigeria in the Federal Government’s domestic debt stock. DMO — Nigeria’s Debt Management Strategy 2024–2027
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