Atiku Questions Tinubu's Borrowing Despite Alleged N7.98tn Oil Windfall
- Atiku Abubakar questioned the Federal Government's continued domestic borrowing, claiming Nigeria earned an estimated ₦7.98 trillion in additional oil revenue above the 2026 budget benchmark
- The former vice president asked the Tinubu administration to account for the alleged oil windfall, saying Nigerians deserved greater transparency over excess crude earnings
- Atiku pledged that an ADC government would publish regular reports on excess oil revenues, reduce unnecessary borrowing and channel surplus funds into key sectors of the economy
Former Vice President Atiku Abubakar has criticised the Federal Government's borrowing strategy, questioning why the Tinubu administration continues to raise funds through domestic loans despite what he described as a substantial windfall from higher global crude oil prices.
Atiku, who was the presidential candidate of the African Democratic Congress (ADC) in the 2023 election, argued that the government's fiscal approach lacked transparency and accountability.
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He called for a full explanation of how additional oil revenues have been utilised.
Why is Atiku questioning government borrowing?
In a statement made available to Legit.ng and issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the Federal Government had raised about N5 trillion from the domestic bond market during the first half of 2026.
He noted that the figure represented nearly 80 per cent of the amount borrowed during the same period in 2025, despite improved earnings from crude oil exports.
According to him, such a pace of borrowing would ordinarily be expected only if government revenues had fallen sharply.
"The exact opposite is the case," he said.
The former vice president pointed to the 2026 Appropriation Act, which pegged crude oil at a benchmark price of $64.84 per barrel, while Brent crude reportedly averaged about $92 per barrel between 1 March and 14 July. He argued that Nigerian crude generally sells at a premium above Brent, resulting in higher than projected revenue.
How much extra revenue did Atiku estimate?
Atiku estimated that the difference between the budget benchmark and prevailing international oil prices translated into an additional $27.15 per barrel.
Based on an average daily production of 1.5 million barrels, he claimed Nigeria generated about $42.7 million in additional oil revenue each day. Over the 135 day period between 1 March and 14 July, he estimated the excess earnings at about $5.76 billion, equivalent to approximately ₦7.98 trillion.
He questioned why the government continued to borrow heavily despite the alleged windfall.
"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 also said previous administrations maintained mechanisms for managing excess crude earnings through the Sovereign Wealth Fund and other fiscal buffers, adding that Nigerians deserved regular disclosure of such revenues.
What did Atiku promise?
The former vice president also linked the issue to the country's economic challenges, saying many Nigerians continue to struggle despite the removal of fuel subsidy and higher oil prices.
He argued that infrastructure had not improved at the pace many expected and claimed the administration lacked the fiscal discipline needed to manage public resources effectively.
Looking ahead, Atiku said an ADC administration under his leadership would adopt a different approach to public finance by ensuring excess oil revenue is transparently managed and channelled into reducing public debt and funding critical sectors.
"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.
The Federal Government had not responded to Atiku's claims at the time of filing this report.
Atiku blames Tinubu for killing of former lawmaker
Earlier, Legit.ng reported that former Vice President Atiku Abubakar has condemned the worsening security situation in Nigeria following the reported death of former House of Representatives member, Abba Anas Adamu, who allegedly died while in captivity after being abducted by bandits along the Kaduna-Abuja highway.
Adamu was said to have been kidnapped on May 3, 2026, and reportedly died nine days later despite efforts by his family to secure his release from the abductors.
Source: Legit.ng
