Former Vice President Atiku Abubakar has queried the Federal Government’s continued borrowing despite an alleged N7.98 trillion windfall from increased crude oil prices in the international market.
Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, on Sunday, said the Federal Government had already raised about ₦5 trillion from the domestic bond market in the first half of 2026.
The former Vice President, while stating that the ₦5 trillion bond issuance is almost 80 per cent of the total amount borrowed during the corresponding period in 2025, said the present administration’s economic management is allegedly contradictory, opaque and bereft of fiscal discipline.
Atiku, who is also the African Democratic Congress (ADC) 2027 presidential candidate, noted that such aggressive borrowing would only be understandable if government revenues had collapsed.
The ADC candidate, while noting that “the exact opposite is the case,” 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. Nigerian crude typically trades at a premium above Brent, making the government’s earnings even higher.”
He added that “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?”
According to him, “the difference between the budget benchmark and prevailing oil prices amounts to an additional $27.15 on every barrel of crude sold. At an average production of 1.5 million barrels per day, Nigeria earns an estimated $42.7 million in additional revenue daily. Over the 135-day period between March 1 and July 14, this translates to approximately $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?”
Atiku recalled that previous administrations maintained clear mechanisms for warehousing and reporting excess crude earnings through the Sovereign Wealth Fund and other established fiscal buffers. He lamented that, despite the huge oil windfall and the removal of fuel subsidy, millions of Nigerians continue to face worsening hardship.
“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.
Furthermore, he stated that recent United Nations (UN) findings indicate that about 80 per cent of Nigerians cannot afford a decent meal each day, while infrastructure continues to deteriorate despite repeated 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,” Atiku stated.
The former Vice President promised that an ADC-controlled government under his leadership would ensure that every revenue earned above the budgeted oil benchmark is fully accounted for and managed under a rules-based fiscal framework.
(The Sun)