By Iroyin Yoruba Television
Former Vice President Atiku Abubakar has demanded a detailed explanation of Nigeria’s rising public debt after the latest figures from the Debt Management Office placed the country’s total public debt at ₦166.79 trillion as of June 30, 2026, opening a fresh political debate over borrowing, government revenue and the economic reforms introduced since 2023.
The latest figures were published by the Debt Management Office on September 25 and represent an increase from the ₦159.35 trillion recorded at the end of March 2026. The new figure covers both domestic and external obligations owed by the Federal Government, states and the Federal Capital Territory.
Atiku, who is now associated with the African Democratic Congress and is a major opposition figure ahead of the 2027 general elections, responded to the figures by demanding a comprehensive reconciliation of Nigeria’s borrowing and debt-service position.
His intervention has brought public debt back into the centre of political discussion at a time when political parties are increasingly presenting their economic positions ahead of the 2027 elections.
The former vice president's criticism focuses not only on the size of the debt but also on the need for the government to explain how existing liabilities, newly contracted borrowing, repayments and foreign-exchange movements have affected the reported figure.
THE NEW DEBT FIGURE
According to the Debt Management Office, Nigeria's total public debt increased from ₦159.35 trillion at the end of March to ₦166.79 trillion at the end of June 2026.
That represents an increase of approximately ₦7.44 trillion within three months.
The debt consists of domestic and external obligations.
Domestic debt stood at approximately ₦91.59 trillion, while external debt was recorded at about ₦75.20 trillion as of June 30.
Domestic obligations therefore represented approximately 54.91 percent of the total debt stock, while external obligations accounted for about 45.09 percent.
The figures also show that the Federal Government remains responsible for the largest portion of the country's debt.
The states and the Federal Capital Territory also have outstanding domestic and external obligations, meaning the national debt figure is not simply a record of loans contracted directly by the Federal Government.
This distinction is important when assessing changes in the overall debt stock.
The naira value of external debt can also be affected by exchange-rate movements because foreign obligations are converted into naira when the debt position is calculated.
Consequently, an increase in the naira value of external debt does not necessarily mean that the same amount of new foreign borrowing was contracted during the period.
ATIKU CALLS FOR A RECONCILIATION
Atiku's response centres on transparency.
In a statement issued by his Director of Strategic Communications, Phrank Shaibu, the former vice president asked the Tinubu administration to provide Nigerians with a detailed account showing what portion of the current debt represents inherited obligations, newly contracted loans, exchange-rate effects, repayments and outstanding liabilities.
He also questioned the continued borrowing by the government despite increases in public revenue.
The opposition figure argued that Nigerians should be able to see a clear connection between government borrowing and the projects or programmes financed with those funds.
His position is that publishing the overall debt figure alone does not provide enough information for citizens to understand how the country's borrowing position has evolved.
Atiku also called for explanations concerning Nigeria's Treasury Bills and debt-service transactions.
His campaign team specifically referred to the ₦19.48 trillion in outstanding Nigerian Treasury Bills reported as of June 30 and argued that the government should clarify which instruments subsequently matured, which were redeemed, which were rolled over and which represented genuinely new borrowing.
That distinction is relevant because the issuance of a Treasury Bill does not necessarily mean that the entire amount represents a permanent addition to outstanding debt. Some new issuances can replace obligations that have matured.
A full reconciliation would therefore provide a clearer picture of the actual change in the government's outstanding obligations.
QUESTIONS OVER DEBT-SERVICE PAYMENTS
The political debate also extends beyond the amount Nigeria owes to the cost of servicing those obligations.
Atiku's camp has questioned transactions included in the latest external debt-service records and requested supporting information concerning charges recorded in the government's debt-service documentation.
Among the issues raised was a $22.5 million charge connected to a First Abu Dhabi Bank Total Return Swap.
The opposition campaign has asked for details concerning the agreement, including its original purpose, amount drawn, authorisation and outstanding obligations.
These are demands for disclosure rather than findings that the transaction was improper. The available debt-service documentation records the transaction, while the political dispute concerns the extent to which the government should provide additional explanations and supporting documentation.
The distinction matters because a political allegation or question about a transaction is not, by itself, evidence that the transaction was unlawful or improperly conducted.
The government's explanation, together with the underlying documentation, would be necessary to establish the circumstances surrounding any disputed charge.
HOW THE DEBT HAS CHANGED
The latest debt figures provide a numerical picture of how Nigeria's public obligations have changed over time.
The DMO recorded total public debt of ₦49.85 trillion in March 2023. By June 2026, the figure had reached ₦166.79 trillion.
However, comparing those two figures directly requires caution.
Nigeria's debt stock is affected by several factors, including new borrowing, repayments, exchange-rate movements and changes in the classification or recording of obligations.
External debt is particularly sensitive to exchange-rate movements because foreign-currency liabilities are converted into naira for reporting purposes.
Therefore, the increase in the naira-denominated debt figure over a multi-year period should not automatically be interpreted as the equivalent amount of new borrowing.
The DMO's quarterly debt publications provide the more appropriate basis for examining changes in the debt portfolio and its composition.
THE POLITICAL DIMENSION
The timing of the controversy is significant because Nigeria is approaching the 2027 general elections.
Political parties and presidential candidates are increasingly presenting competing explanations for the country's economic condition and different proposals for addressing poverty, unemployment, public infrastructure, taxation, energy costs and government finances.
Debt is likely to remain part of that debate because borrowing affects the resources available to government and the amount that must eventually be allocated to debt servicing.
For the opposition, the ₦166.79 trillion figure provides an opportunity to question the economic direction of the administration.
For the government, the relevant issue is not simply the size of the debt but what the borrowed funds are being used to finance, whether the borrowing remains within the country's fiscal framework and whether economic growth and government revenue are improving the country's capacity to manage its obligations.
These are competing political interpretations of the same publicly available debt figures.
The underlying DMO data itself does not determine which political argument voters should accept.
WHY GOVERNMENT REVENUE IS PART OF THE DEBATE
Atiku's criticism also focuses on the relationship between government revenue and borrowing.
His argument is that increased revenue should be examined alongside continued debt accumulation.
Nigeria's fiscal position has changed considerably since the removal of the petrol subsidy and the implementation of major foreign-exchange reforms under President Bola Tinubu.
Those reforms have altered government finances, consumer prices and the operating environment for businesses.
The government has argued that the reforms were necessary to address longstanding structural problems and place public finances on a more sustainable footing.
Opposition politicians have challenged aspects of the reforms, particularly their effect on household purchasing power and the cost of living.
The latest debt figures provide another area where the competing positions are likely to be tested.
WHAT THE GOVERNMENT'S BORROWING MEANS
Government borrowing is not automatically unusual or inherently problematic.
Governments borrow for different reasons, including infrastructure, budget financing, refinancing existing obligations and responding to fiscal shortfalls.
The important questions are how much is borrowed, under what conditions, what the funds are used for, how affordable the repayment obligations are and whether the borrowing contributes to economic capacity.
Borrowing for productive infrastructure can have a different long-term effect from borrowing that is primarily used to finance recurring expenditure.
Similarly, refinancing an existing obligation does not have the same meaning as taking on entirely new debt.
That is why Atiku's demand for a detailed reconciliation is significant to the political discussion.
The debate is moving beyond the headline figure toward questions about the composition and purpose of the debt.
THE TREASURY BILL QUESTION
Treasury Bills have become another part of the discussion.
They are short-term government securities used to raise funds, and outstanding Treasury Bills form part of Nigeria's domestic debt obligations.
The reported ₦19.48 trillion outstanding as of June 30 therefore needs to be understood within the broader government-debt structure.
When Treasury Bills mature, government may repay them or issue new instruments to replace them.
A reconciliation showing maturities, redemptions, rollovers and genuinely new borrowing would help observers distinguish between refinancing activity and an actual increase in outstanding obligations.
That information could also help economists, investors and members of the public better understand the government's short-term financing position.
DEBT AND THE 2027 ELECTION
The debt controversy is likely to become part of the wider economic debate as political parties prepare for the 2027 elections.
Candidates are expected to face questions about how they would manage government finances, whether they would continue borrowing, how they would fund infrastructure and social programmes, and how they would balance public spending with debt sustainability.
The current administration will also be expected to explain how its economic reforms are affecting government revenue, investment and public finances.
Opposition candidates, meanwhile, will be expected to explain how their proposed alternatives would be financed.
The debt figure therefore provides an important factual starting point for the debate, but the political conclusions drawn from it will depend on each party's economic programme and the evidence it presents.
THE IMPORTANCE OF PUBLIC DISCLOSURE
Public access to reliable fiscal information is particularly important during an election period.
Citizens need to be able to distinguish between the amount of debt Nigeria actually owes, the amount of new borrowing undertaken during a particular period, the cost of servicing existing obligations and the effect of exchange-rate movements.
Without those distinctions, a headline debt figure can easily be interpreted in different ways.
The Debt Management Office's regular publications provide an official record of the country's debt position.
Additional explanations from the government on specific transactions could further improve public understanding where questions arise.
Similarly, political parties and candidates making claims about public debt have a responsibility to distinguish verified figures from their interpretations of those figures.
WHAT HAPPENS NEXT
The immediate issue is whether the government will respond to the specific questions raised by Atiku and his campaign team.
Among the matters raised are the composition of the debt increase, the treatment of Treasury Bills, external debt-service charges and the relationship between borrowing and government revenue.
The government may provide its own interpretation of the debt figures and explain how the borrowing fits within its fiscal programme.
That exchange would give Nigerians additional information with which to assess the competing arguments ahead of the 2027 election.
The underlying public-debt figure, however, is already established by the DMO: Nigeria's total public debt stood at ₦166.79 trillion at the end of June 2026, up from ₦159.35 trillion three months earlier.
The political dispute concerns what that increase means, how the obligations should be accounted for and whether the borrowing has produced sufficient economic and social benefits.
As Nigeria moves closer to the 2027 elections, those questions are likely to become increasingly important in political campaigns and public discussions.
For citizens, the central issue is not simply the size of the number.
It is understanding how the debt was accumulated, what it financed, how much it costs to service, what remains outstanding and what future governments will need to do to manage the obligations.
Those details will form an important part of the economic choices that political parties present to the Nigerian electorate as the country moves toward another general election.