Your reforms suffocating ordinary Nigerians – Atiku to Tinubu
Your reforms suffocating ordinary Nigerians – Atiku to Tinubu
Atiku Abubakar, former vice-president and presidential candidate of the African Democratic Congress (ADC), has accused the federal government of continuing to borrow heavily while Nigerians grapple with rising living costs.
Atiku relayed his thoughts in a statement issued on Saturday by Phrank Shaibu, director of strategic communications of the ADC Presidential Campaign Council.
He said the administration of President Bola Tinubu had removed petrol subsidy, increased government revenues and continued borrowing, while Nigerians faced higher food, transport, energy and other household costs.
“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 cited figures from the Debt Management Office (DMO), saying Nigeria’s public debt rose from N49.85 trillion in March 2023 to N166.79 trillion as of June 30, 2026.
“I expect President Tinubu to put the full account before Nigerians,” he said.
“He should identify the old debt newly recorded, the foreign debt whose naira value rose with the exchange rate, and every new loan contracted since he assumed office.”
Atiku also called for details of how much of the debt had been repaid and what is outstanding.
“Accounting explanations must not become a hiding place for fresh borrowing,” he said.
‘ECONOMY PRODUCING TWO NIGERIAS’
Atiku said the country’s debt situation should be considered alongside what he described as a widening gap between official claims of economic recovery and the experiences of ordinary Nigerians.
“The Tinubu economy is producing two Nigerias: one in which ordinary citizens are suffocating under rising food, fuel, transport, electricity, education and housing costs, and another in which those with wealth, access and privilege are far better positioned to protect and multiply their fortunes,” he added.
According to the politician, improving government revenue, foreign reserves and other macroeconomic indicators should not be treated as sufficient evidence of economic success if Nigerians cannot afford basic necessities.
“The true test of economic policy is whether Nigerians can afford food, transportation, housing, education, healthcare and electricity,” Atiku said.
He also cited a June 2026 assessment by the International Monetary Fund (IMF), which he said acknowledged improvements in Nigeria’s macroeconomic indicators while noting that conditions remain difficult for many Nigerians.
Atiku further referred to recent petrol and diesel prices, saying higher energy costs had intensified pressure on household budgets.
“The philosophy of an economic reform cannot be that the poor surrender more and more while those already insulated from hardship become increasingly comfortable,” he said.
“Nigerians were promised that today’s pain would produce tomorrow’s gain. After more than three years, they are entitled to ask: gain for whom?”
ATIKU QUESTIONS DEBT SERVICING
The former vice-president also raised concerns about the amount of government revenue being used to service debt.
He cited BudgIT figures showing that debt service reached N12.52 trillion in the third quarter of 2025 against revenue of N18.63 trillion.
“Money committed to debt service is money unavailable for competing public needs,” Atiku said.
“Nigerians were told to endure the pain because there would be gains. Where are those gains?”
He also referenced the 2026 fiscal framework, which provides for about N68.32 trillion in expenditure against projected revenue of N36.87 trillion, leaving a projected deficit of about N31.45 trillion.
Atiku said Tinubu’s remarks at the Africa Forward Summit in Nairobi in May, where the president reportedly put Nigeria’s 2026 debt-service bill at about $11.6 billion, showed the scale of the pressure created by debt repayments.
“If President Tinubu understands abroad what debt payments are taking away from Nigeria, then he must explain at home why the borrowing bill continues to grow,” he said.
Atiku warned that fiscal distress could develop when borrowing becomes routine, debt service consumes an increasing share of revenue, and governments repeatedly borrow to finance budget gaps.
