Atiku Slams Tinubu Over Vienna Bond Plan as Diesel Hits ₦2,000 and Factories Struggle
- Atiku Abubakar condemned the Federal Government's plan to raise funds through a Vienna-listed bond while manufacturers battle crippling energy costs
- Diesel prices have risen above ₦2,000 per litre, with energy bills now consuming more than half of manufacturers' operating costs across Nigeria
- Atiku demanded a public account of Nigeria's revenues, subsidy savings, and oil earnings as domestic borrowing reportedly doubled year-on-year in 2026
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Former Vice President Atiku Abubakar has challenged the Tinubu administration to publicly account for Nigeria's revenues, subsidy savings and rising oil receipts before pursuing a new financing arrangement on the Vienna bond market.
In a statement sighted by Legit.ng and released on September 10, 2026, by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the Vienna transaction involving ESME Limited, described as a special-purpose vehicle with both Nigerian public institutions and Austrian interests, raises serious transparency concerns.
Source: Getty Images
He said Nigerians have not been given details on the size of the deal, its interest rate, repayment terms or the extent of any sovereign guarantee.
Factories under pressure
Atiku pointed to the condition of Nigerian manufacturers as evidence of a deeper economic contradiction. Diesel has climbed to about ₦2,000 per litre in many industrial locations, and the Manufacturers Association of Nigeria reports that energy-related costs now account for more than half of manufacturers' operating expenses.
Manufacturers spent roughly ₦1.34 trillion on alternative energy in 2025, and spending in the first half of 2026 alone had already approached that same figure.
"No economy can industrialise under those conditions," Atiku said. "A manufacturer spending half of his operating costs on energy will eventually have to raise prices, cut production, lay off workers or close the factory. Whichever option he takes, ordinary Nigerians pay through higher prices, fewer jobs and reduced household income."
Revenues up, borrowing also up
Atiku questioned why domestic borrowing has accelerated despite the government's claims of improved finances.
Federal Government borrowing from the domestic market reportedly reached ₦24.7 trillion in the first eight months of 2026, compared with ₦12.98 trillion in the same period of 2025.
He noted that the 2026 budget was built on an oil benchmark of $64.85 per barrel, yet crude prices have since moved well above that level. With revenues rising, subsidy savings being claimed and oil earnings exceeding projections, Atiku said the growing appetite for debt requires explanation.
"The question is no longer complicated: if more money is coming in and even more money is being borrowed, where is the money, and where is the paper trail?" he asked.
Atiku called on President Bola Tinubu to publish the full structure of the Vienna transaction and release a comprehensive reconciliation covering revenues earned, funds borrowed, expenditure made, and guarantees issued.
"Bola Tinubu must open the books. Nigerians deserve to know what has been earned, what has been borrowed, what has been spent, what has been guaranteed and what obligations are being created in their name," the statement read.
Atiku tackles Tinubu over FAAC
Previously, Legit.ng reported that former Vice President Atiku Abubakar rejected the Federal Government's characterisation of recent FAAC distributions as an economic success, arguing that the larger naira figures being announced each month conceal a significant loss of real value once inflation, currency depreciation and state debt are factored in.
In a statement sighted by Legit.ng, issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the figures do not reflect genuine prosperity.
Source: Legit.ng
