Chuks Okocha in Abuja
Former vice president 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, warning that unchecked borrowing risks trapping future generations in unsustainable debt.
In a statement issued Sunday by the Atiku media office, the former vice president accused the administration of incompetence and financial impropriety, citing a lack of transparency in recent loan agreements.
He 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.
According to Atiku, ”Since assuming office on May 29, 2023, President Bola Tinubu’s administration has contracted significant new debt.
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, Atiku argued, 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.”
Atiku criticized Finance Minister 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.
“The government is obliged to explain every loan taken on behalf of Nigerians,” Atiku said. “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.”
He further noted 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.
He concluded by urging Nigerians to hold the government accountable, stressing that borrowing without clear results undermines trust and jeopardizes the nation’s economic future.