Atiku seeks reconciliation of Nigeria’s N166.79tn public debt
Former Vice-President Atiku Abubakar has demanded a detailed reconciliation of Nigeria’s public debt after the Debt Management Office reported a stock of N166.79tn at June 30, 2026. He questioned new borrowing, Treasury Bills, exchange-rate effects and a US$22.5m swap-related charge.
Former Vice-President Atiku Abubakar has demanded a full reconciliation of Nigeria’s public debt after the Debt Management Office reported a stock of N166.79tn at June 30, 2026. The figure comprises N91.59tn in domestic debt and N75.20tn in external debt, converted at an official exchange rate of N1,379.18 to the dollar. Atiku contrasted it with N49.85tn recorded in March 2023.
Through his campaign communications director, Phrank Shaibu, Atiku requested a breakdown separating inherited debt, the naira impact of exchange-rate movements and new borrowing since May 2023. He also asked for details of N22.71tn in Ways and Means advances securitised from June 2023. Atiku questioned the DMO’s Treasury Bills figure of N19.48tn, seeking details on instruments that matured, were redeemed, rolled over or represented new borrowing.
He also sought an explanation for US$39.25m listed as “other charges” in the second-quarter external debt-service report, including US$22.5m for a First Abu Dhabi Bank Total Return Swap and US$8.97m for Deutsche Bank AG. Atiku criticised the hardship associated with fuel-subsidy removal, currency depreciation and higher costs. He called on President Bola Tinubu and the APC to apologise, while the government has pointed to increased revenues and improved macroeconomic indicators.
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