NIGERIA PUBLIC DEBT N166.79 TRILLION: ATIKU DEMANDS FULL RECONCILIATION AND APOLOGY AS DMO RELEASES NEW FIGURES
Former Vice President Atiku Abubakar has demanded a full reconciliation of public debt after the Debt Management Office reported that the stock rose to N166.79 trillion as of 30 June 2026, up from N49.85 trillion in March 2023 before the Tinubu administration took office. The DMO published the latest figures on 25 September 2026.
According to DMO data the total comprises N91.59 trillion in domestic debt and N75.20 trillion in external debt converted at an official rate of N1379.18 to the dollar. The domestic component includes Federal Government Treasury Bills outstanding of N19.48 trillion as of same date. The statement from Atiku was issued on Saturday 27 September by Phrank Shaibu, Director of Strategic Communications of the African Democratic Congress Presidential Campaign Council where Atiku is now presidential candidate.
Atiku asked the government to identify old debt newly recorded, foreign debt whose naira value rose with exchange rate, and every new loan contracted since May 2023, plus repayments and outstanding balances. He also asked for an account of the N22.71 trillion Ways and Means advances that were securitised and incorporated into the debt stock from June 2023.
He said, “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.” He said the true test of economic policy is whether Nigerians can afford food, transportation, housing, education, healthcare and electricity.
Atiku also demanded an apology from President Bola Tinubu and the APC over hardship experienced since petrol subsidy removal and other reforms introduced in 2023. He cited an International Monetary Fund assessment in June 2026 which acknowledged improved macroeconomic outcomes from reforms but noted conditions remained difficult. The Fund estimated poverty at 63 percent under national poverty line and said 27 million Nigerians faced food insecurity in late 2025, with warning that higher fuel, food and transport costs could worsen poverty.
The demand includes a query over external debt service charges in second quarter 2026. Atiku asked about $39.25 million logged under other charges in DMO external debt service records, including a $22.5 million payment tied to a First Abu Dhabi Bank Total Return Swap and $8.97 million entered against Deutsche Bank AG in same three month period. He said, “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?”
He also raised questions about Treasury Bills. He argued that auction allotments do not automatically translate into net increases in outstanding debt because new issuances routinely roll over maturing instruments, so government must explain N19.48 trillion outstanding.
Nigeria public debt N166.79 trillion needs context. Three factors drive the naira number. First, new borrowing by federal and states. Second, securitisation of Ways and Means which added N22.71 trillion to recorded stock from 2023 even though spending happened earlier. Third, naira devaluation impact on external debt. External debt in dollars may not have risen sharply but naira value of same dollar debt rises when exchange rate moves from around N460 to N1379. That accounting effect explains large part of jump from N49.85 trillion to N166.79 trillion. Atiku wants government to break that down clearly.
The Presidency and APC have pushed back on the 2027 politics around same news cycle. The Presidency described Atiku’s 2027 ambition as a joke and told him to focus on court cases. Lagos APC said Atiku’s bid is driven by personal ambition. Senator Shehu Sani said Atiku can contest but warned that ignoring rotational power could hurt the North in 2031. Atiku said the focus should be on cost of living, not 2027 posturing.
The debt story sits beside other money news. Power producers have challenged a minister’s N501 billion payment claim. CBN earlier cut policy rate by 350 basis points to 23 percent, with markets expecting cheaper credit. Inflation was reported to have eased to 15.39 percent in a separate update. None of that has stopped opposition from using N166.79 trillion as headline number because households feel debt service competing with roads, power and security.
For households the argument is simple. Debt service takes foreign exchange and naira revenue that could fund capital projects. For investors the question is whether rise is explained by naira valuation, new borrowing, or both. Atiku said, “I expect President Tinubu to put the full account before Nigerians.” He wants government to disclose old debt newly captured, exchange rate effect, every new loan, repayments and Treasury Bills reconciliation.
Government position has been that reforms increase revenue and reduce fiscal deficit over time and need time to translate into lower living costs. Atiku said government must show where increased revenue went if borrowing continues.
As of 27 September the number is N166.79 trillion total, N91.59 trillion domestic, N75.20 trillion external at N1379.18 per dollar, N19.48 trillion Treasury Bills, N22.71 trillion Ways and Means securitised, up from N49.85 trillion in March 2023. That is the figure both sides are now debating.
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