ABUJA, Nigeria – The presidential candidate of the African Democratic Congress and former Vice President, Atiku Abubakar, GCON, has strongly criticized the economic direction of President Bola Ahmed Tinubu’s administration, accusing the federal government of borrowing with an insatiable appetite while ordinary citizens drown in acute economic hardship, financial and political correspondents reported in Abuja on Saturday evening, September 26, 2026.
In a comprehensive economic critique titled “Tinubu Borrows Like a Shark While Nigerians Drown in Hardship,” Atiku pointed to recent public debt statistics released by the Debt Management Office showing that Nigeria’s recorded public debt escalated from ₦49.85 trillion in March 2023 to ₦166.79 trillion by June 30, 2026.
Okay News reports that in an official statement signed by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, Atiku argued that after more than three years of demanded public sacrifices, Nigerian households have been left with soaring food prices, punitive transportation costs, deteriorating public infrastructure, and crushed purchasing power.
“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 stated, challenging President Tinubu to present a comprehensive, disaggregated debt audit before the Nigerian public.
The former vice president demanded that the presidency distinguish between legacy debts revalued due to currency adjustments and entirely new commercial and multilateral liabilities contracted since May 2023, warning that accounting technicalities must not serve as a cover for unchecked debt accumulation.
Atiku noted that official celebratory announcements regarding macroeconomic indicators stand in sharp contrast to daily living realities, observing that the current administration is engineering two parallel Nigerias.
“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,” the ADC flagbearer observed. “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, transportation, housing, education, healthcare and electricity.”
Highlighting assessments by the International Monetary Fund published in June 2026, Atiku recalled that the multilateral fund placed Nigeria’s national poverty rate at 63 percent, with 27 million citizens facing severe food insecurity, while warning that relentless energy cost increases would deepen vulnerability.
He drew attention to prevailing retail petroleum prices, where premium motor spirit currently retails between ₦1,400 and ₦1,500 per litre across major urban centers in the North and South, while automotive gas oil has breached ₦2,000 per litre, suffocating small enterprises and commuter households.
“A mother cannot feed her children with a government revenue announcement,” Atiku remarked. “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.”
The former vice president underscored the fiscal unsustainability of the country’s debt servicing burden, citing BudgIT reports indicating that debt service reached ₦12.52 trillion against total revenue of ₦18.63 trillion by the third quarter of 2025, consuming roughly ₦67 out of every ₦100 generated by the government.
He noted that with the 2026 fiscal framework projecting ₦68.32 trillion in expenditure against ₦36.87 trillion in revenue—creating an unprecedented deficit of ₦31.45 trillion—debt service will continue to crowd out critical investments in healthcare, education, and national security.
Recalling President Tinubu’s speech at the Africa Forward Summit in Nairobi in May, where the President disclosed that Nigeria expects to commit approximately $11.6 billion to debt service in 2026, Atiku argued that the administration cannot acknowledge the drain of debt payments abroad while expanding the national borrowing bill at home.
The ADC candidate demanded specific transparency regarding the DMO’s external debt-service schedule for the second quarter of 2026, which recorded $39.25 million in miscellaneous charges, including a $22.5 million fee against a First Abu Dhabi Bank Total Return Swap and $8.97 million against Deutsche Bank AG without corresponding principal or interest reductions.
“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,” Atiku demanded, while also seeking a full reconciliation of the ₦19.48 trillion in outstanding Treasury Bills reported as of June 30, 2026.
Concluding his intervention, Atiku called on President Tinubu and the ruling All Progressives Congress to tender an apology to Nigerian families, workers, pensioners, and business owners whose livelihoods have been depleted by inflationary policies.
“Leadership must have the humility to admit when policies have inflicted enormous pain on the people they were supposed to serve,” Atiku declared. “Apologise to Nigerians. Account for the money collected. Reconcile the borrowing. Explain the charges. Show the people what their sacrifice bought. Then make a solemn pledge to step away from governance rather than ask Nigerians for another mandate to endure this suffering.”
