Atiku Demands Transparency Over Nigeria’s Rising Debt, Questions $5bn Abu Dhabi Loan
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has called on Nigerians to demand greater accountability from the administration of President Bola Ahmed Tinubu over the country’s rising debt profile.
Atiku warned that continued borrowing without adequate transparency, clear terms and demonstrable economic benefits could place an unsustainable financial burden on future generations. He specifically questioned the Federal Government’s handling of a $5 billion financing facility obtained from First Abu Dhabi Bank, insisting that Nigerians have the right to know how the funds will be utilised.
In a statement issued by his media office in Abuja on Sunday, Atiku accused the Tinubu administration of poor financial management and a lack of transparency in its borrowing decisions. He argued that every loan contracted on behalf of Nigerians should be fully explained, particularly as taxpayers will ultimately bear the cost of repayment.
Citing figures from the Debt Management Office (DMO), Atiku claimed that the Tinubu administration has added about N72 trillion to the country’s debt stock since assuming office in May 2023, bringing total indebtedness to approximately N159.35 trillion as of early 2026.
He questioned the justification for the rising debt, arguing that Nigerians have yet to see improvements in their living standards that correspond with the scale of government borrowing. Atiku further claimed that multidimensional poverty had risen significantly under the current administration, leaving more than 140 million Nigerians struggling with poverty.
The former vice president also criticised the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, over the government’s response to demands for details about the Abu Dhabi facility. Oyedele had said the loan was approved by the National Assembly and would be used to refinance more expensive debt.
Atiku, however, maintained that National Assembly approval alone does not remove the government’s responsibility to provide Nigerians with detailed information about the loan. He said citizens should be informed about the purpose of the borrowing, repayment terms, collateral requirements and expected economic benefits.
He also raised concerns over the reported requirement for Nigeria to pledge securities worth about 133 per cent of the loan value as collateral, arguing that the scale of the commitment makes transparency even more important.
Atiku further referenced concerns reportedly raised by international financial institutions and ratings agencies regarding Nigeria’s debt sustainability and financing arrangements. He warned that borrowing without measurable economic results could undermine public confidence and expose future generations to a growing repayment burden.
He therefore urged Nigerians to demand greater accountability from the Federal Government and insist on evidence that borrowed funds are being deployed in ways that strengthen the economy, create opportunities and improve citizens’ living conditions.
The call comes months after the National Assembly approved President Tinubu’s request for up to $6 billion in external financing, including a proposed $5 billion structured total return swap facility with First Abu Dhabi Bank. The Senate approved the request after considering a report from its Committee on Local and Foreign Debts.
