Former Vice President Atiku Abubakar has criticised the Federal Government’s approval of a $4.5 billion refinancing of the Nigerian National Petroleum Company (NNPC) Limited’s oil-backed loan, describing President Bola Tinubu as “a weapon fashioned against Nigeria’s economy.”
The former presidential candidate made the remarks in a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, following the National Economic Council’s (NEC) approval of the refinancing arrangement.
According to Atiku, the fresh borrowing is another sign that the Tinubu administration is placing Nigeria under increasing debt while committing future oil revenues to finance current spending.
“Every new oil-backed obligation pushes Nigeria deeper into a cycle where tomorrow’s wealth is sacrificed to finance today’s policy failures,” Atiku said.
The former vice president recalled that the Presidency had recently responded to his claims about an alleged ₦17 trillion crude oil windfall, arguing that Nigeria could not fully benefit from rising global crude oil prices because future earnings had already been tied to existing oil-backed loans.
Reacting to that explanation, Atiku said the latest refinancing decision only deepens the country’s financial burden.
“That explanation should have embarrassed any responsible government. Instead, this administration has chosen to double down on the very scandal it sought to justify by approving yet another $4.5 billion refinancing. Rather than breaking free from the chains of oil-backed indebtedness, it is tightening them,” he stated.
Atiku also questioned the need for additional borrowing despite several revenue-generating reforms introduced by the current administration.
He accused the government of turning borrowing into a permanent strategy while placing the financial burden on future generations.
The former vice president further argued that Nigerians have continued to endure economic hardship without seeing the promised benefits of the administration’s policies.
“President Tinubu promised renewed hope. What Nigerians have received is renewed debt, renewed hardship and renewed uncertainty. Under his watch, debt has become policy, borrowing has become governance, and mortgaging the future has become the defining philosophy of his administration,” Atiku said.
He called on the Federal Government to immediately publish the full details of the refinancing agreement, including its terms, repayment obligations and the volume of crude oil committed under the arrangement.
According to him, Nigerians deserve greater transparency regarding decisions that could significantly affect the country’s future.
“Nigeria deserves leadership that preserves national assets, not one that continually pledges them to finance an endless cycle of waste, opacity and fiscal irresponsibility,” he added.
