Former Vice President Atiku Abubakar has called on the Federal Government to fully disclose the details of Nigeria’s crude-backed financing arrangements, accusing President Bola Ahmed Tinubu’s administration of committing the country’s future oil earnings without adequate transparency.
In a statement issued on Monday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that the Presidency’s recent defence of its economic policies had, in his view, confirmed concerns about the government’s handling of Nigeria’s oil revenues.
According to the former Vice President, the government’s explanation suggests that a significant portion of the country’s crude oil production has already been committed under financing agreements.
“In attempting to rebut our position, the Presidency inadvertently strengthened it. It admitted that despite higher international crude oil prices, Nigerians cannot fully benefit because substantial volumes of the nation’s crude have already been committed under crude-backed financing arrangements,” the statement read.
Atiku Demands Answers
The African Democratic Congress (ADC) presidential candidate said Nigerians deserve to know the full details of the agreements.
He asked the government to publicly disclose who approved the transactions, the number of barrels of crude committed, the repayment terms, the amount realised from the deals, the projects financed and the identities of the counterparties involved.
“These are not political questions; they are constitutional questions about transparency and accountability,” Atiku stated.
Questions Over Subsidy Removal
Atiku also linked the issue to the Federal Government’s decision to remove fuel subsidy, arguing that the administration cannot claim success in ending subsidy payments while attributing limited oil revenue to obligations created through crude-backed financing.
“That contradiction speaks louder than any press statement,” he said.
The former Vice President maintained that transparency remains the true measure of fiscal responsibility, insisting that Nigerians deserve to know the terms of any borrowing tied to the country’s crude oil.
According to him, a government that fails to disclose such agreements cannot convincingly claim to be operating with prudence and accountability.
