Atiku to Tinubu: Why are you still borrowing despite significant oil windfall?

Former Vice President Atiku Abubakar has criticised the Tinubu administration over what he described as “unprecedented domestic borrowing” despite a significant windfall from high international crude oil prices.

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

The presidential candidate of the African Democratic Congress (ADC) noted that the Federal Government has already raised about ₦5 trillion from the domestic bond market in the first half of 2026 — almost 80 per cent of the total amount borrowed during the same period in 2025.

“Such aggressive borrowing would only be understandable if government revenues had collapsed. The exact opposite is the case,” Atiku said.

He pointed out that while the 2026 Appropriation Act benchmarked crude oil at $64.84 per barrel, Brent crude has averaged around $92 per barrel between March 1 and July 14.

Nigerian crude typically trades at a premium above Brent.

“This naturally raises two unavoidable questions,” Atiku 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?”

According to him, the $27.15 difference between the benchmark and market price, at an average production of 1.5 million barrels per day, translates to an estimated $42.7 million in additional revenue daily.

“Over the 135-day period, that amounts to approximately $5.76 billion, or about ₦7.98 trillion.

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“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 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,” he stated.

He further lamented that despite the oil windfall and fuel subsidy removal, millions of Nigerians face worsening hardship.

Citing recent UN findings, he said about 80 per cent of Nigerians cannot afford a decent meal daily, while infrastructure continues to deteriorate despite promises that subsidy savings would go to roads, healthcare, education and other 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.”

Atiku pledged that an ADC administration under his leadership would account transparently for every kobo earned above the budget oil benchmark under a rules-based fiscal framework.

He added that the administration would deploy excess revenues to reduce debt, strengthen fiscal buffers, and invest in infrastructure, education, healthcare, agriculture and job-creating sectors.

Atiku said an ADC administration would restore transparency by publishing regular reports on excess crude earnings and subjecting public finances to the highest standards of accountability.

He added that it would cut the cost of governance and ensure borrowing is only for productive investments, “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,” he said.