Former Vice President Atiku Abubakar has criticised the Federal Government over its growing domestic borrowing, questioning why the Tinubu administration continues to accumulate debt despite what he described as an estimated N7.98 trillion gain from higher global crude oil prices.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the African Democratic Congress presidential candidate said the government’s economic approach appears inconsistent, lacking transparency and fiscal discipline.
According to Atiku, the Federal Government has already secured about N5 trillion from the domestic bond market during the first half of 2026, representing nearly 80 percent of the total amount borrowed within the same period in 2025.
He argued that such an aggressive borrowing strategy would only be understandable if government revenues had significantly declined. Instead, he maintained that available figures suggest the country is earning much more from oil exports than projected.
Atiku noted that the 2026 Appropriation Act was based on a crude oil benchmark of $64.84 per barrel, while Brent crude, the international benchmark, averaged about $92 per barrel between March 1 and July 14. He added that Nigerian crude typically sells at a premium above Brent prices.
He said the difference between the budget benchmark and prevailing market prices has generated an additional $27.15 on every barrel of crude sold. Using an average daily production of 1.5 million barrels, he estimated the country earned roughly $42.7 million in extra revenue each day. Over the 135 day period under review, he said the additional earnings amounted to about $5.76 billion, equivalent to approximately N7.98 trillion.
Against that backdrop, Atiku questioned why the government continues to borrow at a pace nearly twice that of the previous year despite the substantial increase in oil revenue.
He also asked what had become of the excess earnings, recalling that previous administrations maintained structured systems such as the Sovereign Wealth Fund and other fiscal buffers to receive and account for revenues generated above the budget benchmark.
The former vice president further expressed concern over the living conditions of many Nigerians, saying the gains from higher oil prices and the removal of fuel subsidy have not translated into meaningful improvements for citizens. He pointed to reports indicating that a large percentage of Nigerians still struggle to afford decent daily meals, while infrastructure continues to deteriorate despite assurances that subsidy savings would be invested in roads, healthcare, education and other critical sectors.
Atiku said an ADC administration under his leadership would adopt a different fiscal approach by ensuring that every kobo earned above the budgeted oil benchmark is openly accounted for under a transparent, rules based framework. He added that excess revenue would be channelled toward reducing the country’s debt burden, strengthening fiscal reserves and investing in infrastructure, healthcare, education 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.
