The Presidential candidate of the African Democratic Congress (ADC), Alhaji Atiku Abubakar said President Bola Tinubu should tell Nigerians the details of external loans to be serviced by the Debt Management Office (DMO) in the second quarter of 2026.
Atiku who stated that Nigeria’s public debt rose from ₦49.85 trillion in March 2023 to ₦166.79 trillion by June 2026, noted that the 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,” he said.
The former Vice President in a statement by the Director of Strategic Communications of the ADC Presidential Campaign Council (PCC), Phrank Shaibu, demanded to know what the $22.5 million charge is for.
He said Tinubu should tell Nigerians the original loan facility, how much was drawn, what is outstanding and the terms and supporting documentation.
“Government should publish what subsequently matured, what was redeemed, what was rolled over and what constituted genuinely new borrowing.
“Auction allotments do not automatically equal an increase in outstanding debt because some issuances replace maturing bills.
“Nigerians need the current outstanding balance and a transparent reconciliation of the transactions behind it,” Atiku stated.
He said President Tinubu and the All Progressives Congress (APC) owe Nigerians an apology for what he described as the hardship imposed by the administration’s economic policies since 2023.
“President Tinubu should apologise to the families who can no longer afford decent meals; to workers whose wages disappear on transportation before the month has properly begun; to parents struggling to pay school fees; to pensioners whose incomes have been destroyed by inflation; and to businesses fighting daily to keep their doors open.
“Nigerians were asked to sacrifice. Fuel subsidy was removed. The naira was allowed to depreciate sharply. Electricity and transportation costs rose.
“Government revenues increased, yet borrowing continued. After all of this, the Nigerian people are entitled to ask one simple question: what exactly did our sacrifice buy?” Atiku asked.
The ADC candidate told Tinubu that good economics must improve human life, adding that if government revenue rises while families become poorer, or debt increases while public services remain inadequate, the citizens have the right to demand full account of where their sacrifice has gone.
“President Tinubu and the APC owe Nigerians that account and they owe them an apology.
“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.
“The real test of this economy is not whether the numbers look good in government presentations. It is whether ordinary Nigerians can afford to live,” he added.
