Former Vice-President Atiku Abubakar has launched a fresh attack on President Bola Tinubu’s economic policies, accusing the administration of imposing severe hardship on Nigerians while continuing to accumulate debt.
In a statement issued by Phrank Shaibu, Director of Strategic Communications of the ADC Presidential Campaign Council, Atiku described the Tinubu administration as one of the most damaging governments Nigeria has experienced and demanded a full explanation of the country’s rising debt burden.
Atiku questioned how government revenue could be increasing while borrowing continued to rise.
He cited figures from the Debt Management Office showing that Nigeria’s recorded public debt rose from ₦49.85 trillion in March 2023 to ₦166.79 trillion by June 2026.
He called on the Federal Government to provide Nigerians with a detailed reconciliation of the figures, including previously unrecorded debt, exchange-rate effects on foreign obligations, new loans contracted since 2023, repayments made and outstanding liabilities.
“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.
‘TWO NIGERIAS’
Atiku argued that the administration’s claims of economic recovery have yet to translate into meaningful relief for many households.
He pointed to rising costs of food, transportation, electricity, education, housing and other essential services, arguing that improved government revenue and macroeconomic indicators mean little to citizens whose purchasing power has declined.
According to Atiku, the reforms have created what he called “two Nigerias”: one in which ordinary citizens face escalating living costs and another in which people with greater wealth and access are better positioned to absorb the economic shock.
He also pointed to fuel prices, saying petrol was selling at around ₦1,400 per litre in Lagos and Abuja and up to ₦1,500 in parts of northern Nigeria in September, while diesel had exceeded ₦2,000 per litre.
DEBT SERVICE UNDER SCRUTINY
Atiku also raised concerns about the growing cost of servicing Nigeria’s debt.
Citing BudgIT, he said debt service had reached ₦12.52 trillion by the third quarter of 2025, compared with ₦18.63 trillion in revenue — equivalent to about 67.2 per cent of the revenue figure cited.
He argued that every naira committed to debt servicing reduces the resources available for infrastructure, healthcare, education and other public needs.
Atiku further referenced President Tinubu’s remarks at the Africa Forward Summit in Nairobi in May, where the President reportedly said Nigeria expected to spend approximately $11.6 billion on debt servicing in 2026.
Atiku said the government should explain why borrowing continues to increase if it recognises the pressure debt servicing places on public finances.
‘WHERE ARE THE GAINS?’
At the centre of Atiku’s criticism is the question of what Nigerians have received in return for the sacrifices demanded since 2023.
He cited the removal of fuel subsidies, the sharp depreciation of the naira and increases in electricity and transportation costs as examples of policies that have shifted significant costs onto households.
“Nigerians were asked to sacrifice,” Atiku said. “After all of this, the Nigerian people are entitled to ask one simple question: what exactly did our sacrifice buy?”
He argued that economic reforms should ultimately be measured by their effect on people's daily lives rather than by government revenue figures or headline economic statistics.
DEMAND FOR AN APOLOGY
Atiku also demanded an apology from President Tinubu and the ruling All Progressives Congress over what he described as the hardship caused by the administration’s policies.
He called for an explanation of how increased government revenue has been used, a reconciliation of the country’s borrowing, and greater disclosure of debt obligations.
He also demanded greater transparency concerning the Debt Management Office’s external debt-service schedule for the second quarter of 2026.
Atiku concluded by calling on the administration to account for the sacrifices Nigerians have made since 2023.
His message was blunt: Nigerians, he argued, should be shown where the money has gone, what the borrowing has financed and what tangible benefits the reforms have produced.
He further urged President Tinubu to apologise for the hardship and ultimately step aside rather than seek another mandate.
The statement adds to the growing political debate over whether Nigeria’s economic reforms are producing sufficient benefits for citizens to justify their substantial short-term costs.
This version keeps the dramatic **headline, structure and impact**, while presenting Atiku’s accusations as claims rather than established facts.
Atiku to Tinubu: Apologise for the Hardship, Account for the Debt
