Former Vice President Atiku Abubakar has criticised the Federal Government’s growing borrowing under President Bola Tinubu, questioning why the administration continues to accumulate debt despite what he described as a massive oil revenue windfall estimated at ₦7.98 trillion.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the government’s fiscal management as lacking transparency and discipline, arguing that its borrowing pattern contradicts the country’s improved oil earnings.
According to him, the Federal Government has already borrowed about ₦5 trillion from the domestic bond market in the first half of 2026, representing nearly 80 per cent of the amount borrowed during the same period in 2025.
Atiku argued that such aggressive borrowing would only be understandable if government revenues had declined.
“The exact opposite is the case,” he said.
The former vice president noted that the 2026 Appropriation Act benchmarked crude oil at $64.84 per barrel, while Brent crude averaged around $92 per barrel between March 1 and July 14, with Nigerian crude reportedly selling at even higher prices.
He questioned why the government continued borrowing despite the increase in oil revenue.
“This naturally raises two unavoidable questions. First, why is a government enjoying such an extraordinary oil windfall borrowing at almost twice last year’s pace as though the nation were in financial distress? Second, where is the money?” Atiku asked.
He explained that the difference between the budget benchmark and prevailing global oil prices represents an additional $27.15 on every barrel of crude sold.
Based on an average daily production of 1.5 million barrels, Atiku estimated that Nigeria earned about $5.76 billion, equivalent to approximately ₦7.98 trillion, in extra oil revenue during the 135-day period under review.
The former presidential candidate also recalled that previous administrations maintained mechanisms such as the Sovereign Wealth Fund to manage and report excess crude earnings transparently.
He further expressed concern that despite higher oil prices and the removal of fuel subsidy, many Nigerians continue to struggle with rising living costs.
Citing recent United Nations findings, Atiku said millions of citizens still cannot afford decent meals, while infrastructure has yet to reflect the benefits of subsidy removal.
Looking ahead, Atiku said an administration led by the African Democratic Congress (ADC) would adopt a different approach to managing excess oil revenue.
According to him, every amount earned above the budget oil benchmark would be transparently accounted for and used to reduce Nigeria’s debt burden, strengthen fiscal reserves and invest in key sectors such as infrastructure, education, healthcare and agriculture.
“Nigerians deserve answers. They deserve accountability. Above all, they deserve a government that manages national wealth in the public interest, not one that presides over unprecedented opacity while asking future generations to repay debts incurred in the midst of plenty,” Atiku stated.
The Federal Government had not responded to Atiku’s remarks as of the time of filing this report.
