The presidential candidate of the African Democratic Congress, Alhaji Atiku Abubakar, has demanded an immediate explanation from President Bola Tinubu over $39.25 million logged under “other charges” in official debt servicing records, querying a curious $22.5 million line item tied to a First Abu Dhabi Bank swap arrangement.
The query follows the release of second-quarter 2026 external debt servicing numbers by the Debt Management Office.
In a statement issued in Abuja by the Director of Strategic Communications of the ADC Presidential Campaign Council, Phrank Shaibu, the former Vice President challenged the federal government to lay the complete transaction papers before citizens.
Atiku singled out the $22.5 million payment listed against a First Abu Dhabi Bank Total Return Swap and another $8.97 million entered against Deutsche Bank AG during the same three-month period.
“What exactly was the $22.5 million charge for? Which agreement authorised it? What was the original facility? How much was drawn? What obligations remain outstanding?” he asked.
The former Vice President said the administration must also provide a transparent reconciliation of the ₦19.48 trillion in outstanding Treasury Bills reported by the DMO as of June 30, 2026.
He pointed out that auction allotments do not automatically translate into net increases in outstanding debt because new issuances routinely roll over maturing debt instruments.
According to Atiku, Nigeria’s overall debt profile has ballooned dramatically under the ruling All Progressives Congress, surging from ₦49.85 trillion in March 2023 to ₦166.79 trillion by June 2026.
He insisted that President Tinubu and the APC owe Nigerians an unreserved apology for the crushing economic pain unleashed since 2023.
“Nigerians were asked to sacrifice,” Atiku said. “Fuel subsidy was removed. The naira was allowed to depreciate sharply. Electricity and transportation costs rose. Government revenues increased, yet borrowing continued. After all of this, the Nigerian people are entitled to ask one simple question: what exactly did our sacrifice buy?”
The ADC candidate maintained that economic policy must directly improve human welfare, warning that higher government revenues mean little when families cannot put food on the table or meet transport and school expenses.
“The real test of this economy is not whether the numbers look good in government presentations. It is whether ordinary Nigerians can afford to live,” he added.
Atiku urged the President to account for the borrowings, explain the offshore charges, and step away from governance rather than ask citizens for another mandate to prolong their hardship.
Neither the Presidency nor the Debt Management Office had issued a formal reaction to the queries as of press time.
