Former Vice President Atiku Abubakar has called on the Federal Government to provide greater transparency on Nigeria’s debt profile after the Debt Management Office (DMO) reported that the country’s total public debt rose to ₦166.79 trillion as of June 30, 2026.

The DMO’s second-quarter 2026 report, published on September 25, showed that the debt stock increased by ₦7.44 trillion within three months, from ₦159.35 trillion recorded in March.

Domestic debt stood at ₦91.59 trillion, accounting for 54.91 per cent of the total, while external debt was ₦75.20 trillion, representing 45.09 per cent.

In dollar terms, the DMO valued the total debt at approximately $120.93 billion, based on the Central Bank of Nigeria’s exchange rate of ₦1,379.18 to the dollar as of June 30.

The Federal Government accounted for ₦152.77 trillion of the total debt, while states and the Federal Capital Territory had combined obligations of ₦14.01 trillion.

Atiku, in a statement issued by Phrank Shaibu, Director of Strategic Communications for the ADC Presidential Campaign Council, questioned the continued borrowing by the government despite what he described as increased government revenue.

He said Nigeria’s public debt had risen from ₦49.85 trillion in March 2023 to the current figure.

“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.

He also raised concerns about the cost of servicing the country’s debt.

Citing figures from BudgIT, Atiku said debt service had reached ₦12.52 trillion by the third quarter of 2025, compared with ₦18.63 trillion in revenue. He said this meant roughly ₦67 out of every ₦100 collected went towards debt servicing.

“Money committed to debt service is money unavailable for competing public needs. Nigerians were told to endure the pain because there would be gains. Where are those gains?” he asked.

Atiku also called for greater disclosure regarding transactions contained in the DMO’s external debt-service report, particularly $39.25 million recorded under “other charges” between April and June 2026.

According to the statement, $22.5 million of the amount was linked to a First Abu Dhabi Bank Total Return Swap, while about $8.97 million was associated with Deutsche Bank AG.

Atiku questioned why no principal or interest payment was recorded against the First Abu Dhabi Bank facility during the quarter, while the charge was listed. He called on the government to disclose details of the agreement, including the amount originally drawn, its purpose and the outstanding obligation.

He further called for an explanation of ₦19.48 trillion in outstanding Nigerian Treasury Bills as of June 30, 2026, saying Nigerians should know how much had been redeemed, rolled over or newly borrowed.

Atiku also cited IMF assessments on poverty and food insecurity, arguing that the reported debt increase should be considered alongside the economic pressures facing households.

The DMO has not publicly responded to Atiku’s demands as of the time of filing this report.