Former Vice‑President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has criticised the Tinubu administration for unprecedented domestic borrowing despite a significant windfall from high international crude prices.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the administration’s economic management as contradictory, opaque and lacking in fiscal discipline.
He noted that the Federal Government raised about ₦5 trillion from the domestic bond market in the first half of 2026 — almost 80 per cent of the total borrowed during the corresponding period in 2025. Such aggressive borrowing, he said, would only be understandable if government revenues had collapsed. “The exact opposite is the case,” the statement added.
Atiku pointed out that while the 2026 Appropriation Act benchmarked crude at $64.84 per barrel, the average price of Brent crude — Nigeria’s benchmark — has been around $92 per barrel between March 1 and July 14. Nigerian crude typically trades at a premium to Brent, increasing the government’s earnings.
“This naturally raises two unavoidable questions,” the statement said. “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 explained that the difference between the budget benchmark and prevailing oil prices amounts to an additional $27.15 on every barrel sold. At an average production of 1.5 million barrels per day, Nigeria would earn an estimated $42.7 million in additional revenue daily. Over the period between March 1 and July 14, this translates to roughly $5.76 billion, or about ₦7.98 trillion.
“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 asked.
Atiku recalled that previous administrations maintained clear mechanisms for warehousing and reporting excess crude earnings through the Sovereign Wealth Fund and other fiscal buffers. “Today, Nigerians have been left completely in the dark. A government that cannot explain what it has done with an estimated ₦7.98 trillion in additional oil receipts has no moral authority to continue plunging the country deeper into debt,” the statement said.
He further lamented that despite the huge oil windfall and the removal of fuel subsidy, millions of Nigerians continue to face worsening hardship. He cited recent United Nations findings indicating 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.
“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.
“An ADC administration under my leadership will pursue a fundamentally different approach. Every kobo earned above the budget oil benchmark will be transparently accounted for and managed under a rules‑based fiscal framework. Rather than borrowing recklessly in the midst of plenty, we will deploy excess revenues to reduce the nation’s debt burden, strengthen fiscal buffers and invest strategically in infrastructure, education, healthcare, agriculture and other productive sectors that create jobs and stimulate sustainable growth.
“We will restore transparency in the management of oil revenues by publishing regular reports on excess crude earnings and ensuring that public finances meet the highest standards of accountability. We will cut the cost of governance, eliminate waste, block leakages and ensure borrowing is undertaken only for productive investments capable of generating measurable economic returns — not to finance consumption or conceal fiscal irresponsibility.
“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.
