Atiku Slams Tinubu’s Borrowing Spree Despite High Crude Oil Prices

Former Vice President Atiku Abubakar has faulted the Tinubu administration over what he described as excessive domestic borrowing despite rising oil revenues, questioning why the Federal Government continues to accumulate debt while benefiting from crude oil prices far above the 2026 budget benchmark.:

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 African Democratic Congress (ADC) presidential candidate noted that the Federal Government had raised about ₦5 trillion from the domestic bond market in the first half of 2026, representing nearly 80 per cent of the amount borrowed during the same period in 2025.

According to him, such a borrowing pattern would only be justifiable if government revenues had declined significantly, arguing that the reverse was the case due to higher international crude oil prices.

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

He estimated that the difference in oil prices, based on average production of 1.5 million barrels per day, translated into an additional $42.7 million in daily revenue, amounting to about $5.76 billion or approximately ₦7.98 trillion over 135 days.

The former vice president questioned the whereabouts of the estimated windfall and called on the government to provide a transparent account of the proceeds from excess crude sales.

He said previous administrations maintained fiscal buffers such as the Sovereign Wealth Fund to manage excess oil earnings, adding that Nigerians are now being kept in the dark over how such revenues are utilised.

Atiku also argued that despite the reported oil windfall and the removal of fuel subsidy, millions of Nigerians continue to face severe economic hardship, with infrastructure and public services yet to reflect the promised benefits of increased government revenue.

He pledged that an ADC-led administration would operate a rules-based fiscal framework, publish regular reports on excess crude earnings, reduce the cost of governance, and ensure that borrowing is limited to productive investments while strengthening transparency and accountability in public finance.