The Presidential Campaign Council of the African Democratic Congress (ADC) has challenged President Bola Tinubu to provide Nigerians with a detailed account of the borrowings incurred under his administration, amid a sharp rise in the country’s recorded public debt.
Former Vice President Atiku Abubakar, through his Director of Strategic Communications, Phrank Shaibu, described the Tinubu administration as one of the most ruinous governments Nigeria has experienced, arguing that Nigerians have endured higher living costs while government borrowing has continued to increase.
The statement came after the Debt Management Office (DMO) reported that Nigeria’s total public debt stood at ₦166.79 trillion as of June 30, 2026. The DMO published the latest debt figure on September 25.
The ADC campaign said the debt figure should be accompanied by a detailed reconciliation showing existing liabilities, newly contracted loans, exchange-rate effects on foreign debt, repayments and outstanding obligations.
“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 in the statement.
The council contrasted the latest debt figure with Nigeria’s ₦49.85 trillion total public debt at the end of March 2023. The earlier figure is documented in DMO data and a 2023 public-debt statistical bulletin.
Atiku also questioned the relationship between rising government revenues, economic reforms and household living standards.
He argued that the removal of fuel subsidies, exchange-rate reforms and increases in the cost of electricity, transportation, food and other necessities had placed additional pressure on households.
IMF acknowledges difficult conditions
The ADC’s criticism comes against the backdrop of a mixed assessment from the International Monetary Fund (IMF).
In its June 2026 Article IV consultation, the IMF said reforms implemented over the previous three years had produced improved macroeconomic outcomes and strengthened Nigeria’s resilience. At the same time, it said conditions remained difficult for many Nigerians.
The IMF estimated poverty at 63 per cent under Nigeria’s national poverty line and said an estimated 27 million Nigerians experienced food insecurity in late 2025. It also warned that higher food and transport costs could weigh on economic activity and aggravate poverty and food insecurity.
Atiku said these pressures demonstrated what he described as a gap between macroeconomic indicators and the experience of ordinary Nigerians.
“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.”
Debt-service burden questioned
The ADC campaign also raised concerns about the proportion of government revenue being absorbed by debt servicing.
BudgIT reported that debt service reached ₦12.52 trillion against revenue of ₦18.63 trillion by the third quarter of 2025, representing 67.2 per cent of the revenue figure.
The 2026 budget signed by President Tinubu provides for ₦68.32 trillion in total expenditure, with ₦15.8 trillion allocated to debt service. The State House confirmed the figures when Tinubu assented to the Appropriation Act in April.
The government’s revised 2026 fiscal plan projects ₦36.87 trillion in revenue, leaving a deficit of about ₦31.46 trillion, with borrowing accounting for much of the financing requirement.
