Atiku faults FG’s borrowing spree amid N7.98 trn oil windfall
By Omeiza Ajayi, Abuja
Former Vice President Atiku Abubakar has faulted President Bola Tinubu administration’s aggressive domestic borrowing, questioning why the administration continues to pile up debts despite an estimated N7.98 trillion windfall from high international crude oil prices.
In a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, the presidential candidate of the African Democratic Congress ADC described the administration’s economic management as contradictory, opaque and bereft of fiscal discipline.
He noted that the federal government has already raised about N5 trillion from the domestic bond market in the first half of 2026, almost 80 per cent of the total amount borrowed during the corresponding period in 2025.
According to Atiku, such borrowing would only make sense if government revenues had collapsed.
“The exact opposite is the case,” he said.
The former Vice President pointed out that while the 2026 Appropriation Act benchmarked crude oil at $64.84 per barrel, the average price of Brent crude, the benchmark for Nigerian oil, has remained around $92 per barrel between March 1 and July 14, with Nigerian crude typically trading at a premium above Brent.
“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 queried.
Atiku explained that the gap between the budget benchmark and prevailing oil prices amounts to an additional $27.15 on every barrel of crude sold, translating to an estimated $42.7 million in additional daily revenue at an average production of 1.5 million barrels per day. Over the 135-day period under review, he put this at approximately $5.76 billion, or about ₦7.98 trillion.
He recalled that previous administrations maintained clear mechanisms for warehousing and reporting excess crude earnings through the Sovereign Wealth Fund and other established fiscal buffers.
Atiku further lamented that despite the oil windfall and the removal of the fuel subsidy, millions of Nigerians continue to face worsening hardship, citing recent United Nations findings that about 80 per cent of Nigerians cannot afford a decent meal each day, while infrastructure continues to deteriorate despite promises that subsidy savings would be invested in roads, healthcare, education, and other critical sectors.
He said an ADC administration under his leadership would pursue a different approach, with every kobo earned above the budget oil benchmark transparently accounted for and managed under a rules-based fiscal framework, and excess revenues deployed to reduce the nation’s debt burden, strengthen fiscal buffers, and invest in 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 said.
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