Atiku questions Tinubu’s borrowing despite ‘N7.98tn oil windfall’

Former Vice President and presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, has criticised President Bola Tinubu’s administration over its rising domestic borrowing, questioning why the government is accumulating debt despite what he described as a N7.98 trillion windfall from higher-than-budgeted crude oil prices.

In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the administration’s economic management as contradictory, opaque and lacking fiscal discipline.

The former vice president said the Federal Government had already raised about N5 trillion from the domestic bond market in the first half of 2026, representing nearly 80 per cent of the total borrowed during the corresponding period in 2025.

According to him, such aggressive borrowing would only be justified if government revenues had declined significantly.

“The exact opposite is the case,” Mr Atiku said.

He noted that while the 2026 Appropriation Act benchmarked crude oil at $64.84 per barrel, Brent crude had averaged about $92 per barrel between March 1 and July 14, with Nigerian crude typically selling at a premium.

“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?” he asked.

Mr Atiku argued that the gap between the budget benchmark and prevailing oil prices translates to an additional $27.15 on every barrel of crude sold. At an average production of 1.5 million barrels per day, he estimated the country earned an extra $42.7 million daily, amounting to about $5.76 billion or N7.98 trillion over the 135-day period from March 1 to July 14.

He called on the Federal Government to provide a transparent account of the excess oil revenue.

“Nigerians deserve a full accounting of this windfall. Where has the money gone? Why is there no transparent disclosure of the proceeds from excess crude sales? Why is government borrowing heavily when oil revenues are significantly above budget projections?” he said.

The former vice president recalled that previous administrations maintained mechanisms such as the Sovereign Wealth Fund and other fiscal buffers to warehouse and report excess crude earnings.

He alleged that the current administration had failed to account for the additional oil receipts while continuing to increase the country’s debt profile.

Mr Atiku further lamented that despite higher oil revenues and the removal of fuel subsidy, many Nigerians continue to face economic hardship.

He said infrastructure had continued to deteriorate despite government assurances that savings from subsidy removal would be invested in roads, healthcare, education and other critical sectors.

“It is increasingly evident that this administration lacks the competence, discipline and transparency required to manage the nation’s resources. Rather than allowing Nigerians to benefit from favourable global oil prices, it has chosen the path of endless borrowing, mounting debt and deepening poverty,” he said.

The ADC presidential candidate said an administration under his leadership would ensure that revenues earned above the budget oil benchmark are transparently managed under a rules-based fiscal framework.

He pledged to deploy excess oil revenues to reduce Nigeria’s debt burden, strengthen fiscal buffers and invest in infrastructure, education, healthcare, agriculture and other productive sectors, while publishing regular reports on excess crude earnings and cutting the cost of governance.