Former Vice President of Nigeria and Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called on Nigerians to demand accountability from the Tinubu-led APC government over its rising debt profile.
He warned that unchecked borrowing risks trapping future generations in unsustainable debt.
Atiku in a statement on Sunday, accused the administration of incompetence and financial impropriety, citing a lack of transparency in recent loan agreements.
The former Vice President specifically criticized the government’s handling of the $5 billion facility from First Abu Dhabi Bank, insisting that taxpayers deserve full disclosure of how such funds will be utilized.
Atiku noted that since assuming office on May 29, 2023, President Tinubu’s administration has contracted significant new debt.
He said; “According to the Debt Management Office, the Tinubu administration has added N72 Trillion of fresh debt stock, bringing the total indebtedness to N159.35 trillion as at early 2026.
“Despite these borrowings, Nigerians remain poorer and less secure. Poverty levels have risen from 56% in 2023 to between 61% and 63% under the Tinubu administration, leaving over 140 million citizens trapped in multidimensional poverty,” he said.
Atiku also criticized the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, for dismissing public calls to explain the Abu Dhabi loan.
Oyedele had stated that the facility was approved by the National Assembly and intended to refinance more expensive debt but refused to disclose spending details.
In the words of Atiku; “The government is obliged to explain every loan taken on behalf of Nigerians. Every Kobo borrowed matters because citizens — both living and unborn — will bear the burden of repayment. Yet these loans have failed to improve their material wellbeing”.
The Presidential candidate of the ADC noted that the Federal Government is required to pledge securities worth about 133% of the loan amount as collateral, making transparency even more critical. Atiku reminded Nigerians that both the International Monetary Fund and Fitch Ratings have raised concerns about the financing structure, citing risks to transparency and sovereign debt sustainability.
The former Vice President urged Nigerians to hold the government accountable, stressing that borrowing without clear results undermines trust and jeopardizes the nation’s economic future.
