Former Vice President Atiku Abubakar has challenged the Federal Government to explain why it continues to seek additional loans despite its claims of increased revenue, higher oil earnings and savings from the removal of fuel subsidies.
Atiku, the 2027 presidential candidate of the African Democratic Congress (ADC), also criticised the proposed Vienna-listed bond arrangement involving Nigerian public institutions and Austrian interests, insisting that the government should account for funds already accruing to its coffers before taking on additional debt.
He raised the concerns in a statement issued on Thursday by his Senior Special Assistant on Public Communication, Phrank Shaibu.
According to Atiku, the government’s continued borrowing contradicts its claims of improved public revenue and increased earnings from the oil sector.
“This is the central contradiction Nigerians are entitled to question. Government says revenues are up. It says subsidy removal has saved enormous sums. Oil prices are substantially above the benchmark used for the 2026 budget. Yet borrowing is accelerating, factories are suffocating under energy costs and ordinary Nigerians are still struggling to afford the basics,” he said.
Atiku urged the Tinubu administration to provide Nigerians with a clear account of how the additional revenue has been utilised before seeking more funds through the Vienna market.
“Before the Tinubu administration goes to Vienna in search of more money, it must first tell Nigerians what has happened to the money already coming in,” he said.
Manufacturers Under Pressure
The former vice president also expressed concern over the increasing cost of energy for Nigerian manufacturers, warning that the situation could undermine industrial production and worsen economic hardship.
He said diesel prices had risen to about ₦2,000 per litre or more in some industrial areas, while energy-related expenses now account for more than half of the operating costs of some manufacturers, citing figures attributed to the Manufacturers Association of Nigeria (MAN).
Atiku further claimed that manufacturers spent approximately ₦1.34 trillion on alternative energy sources in 2025, while expenditure during the first half of 2026 had already approached a similar level.
“Consider what that means for a factory in Lagos, Kano, Aba or Nnewi. Before the manufacturer pays workers, buys raw materials, transports finished products, services bank loans or makes a profit, a huge part of the operating budget has already disappeared into simply keeping the machines running,” he said.
He argued that such operating conditions were unsustainable for an economy seeking to industrialise.
“No economy can industrialise under those conditions,” Atiku said.
He warned that manufacturers struggling with high operating costs could be forced to increase prices, cut production, lay off workers or shut down their businesses.
According to him, such outcomes would ultimately affect Nigerians through higher prices, job losses and declining household incomes.
Atiku Demands Details of Vienna Bond
The proposed Vienna transaction involves ESME Limited, a special-purpose vehicle involving Nigerian public institutions and Austrian interests. The company is preparing to issue bonds on the Vienna market to finance investments in Nigeria.
However, Atiku said Nigerians had not been provided with sufficient information about the transaction.
He demanded greater transparency regarding the structure and size of the proposed bond, the cost of borrowing, repayment terms and the extent of the Federal Government’s financial exposure.
“That is where the problem of transparency becomes impossible to ignore. Nigerians are constantly told that revenues have increased, Federation Account Allocation Committee (FAAC) allocations have risen, enormous savings have been made from subsidy removal and oil earnings have improved. At the same time, government borrowing continues to grow at an extraordinary rate,” he said.
‘Why Is Borrowing Increasing?’
Atiku also questioned why the government was continuing to borrow despite oil prices reportedly exceeding the benchmark used for the 2026 budget.
He noted that the budget was based on an oil price benchmark of $64.85 per barrel, arguing that crude prices had subsequently moved substantially above that level.
“If oil earnings are exceeding projections, revenues are rising and the government has indeed saved the huge sums it claims from subsidy removal, why is the appetite for borrowing increasing rather than falling?” he asked.
Atiku called on President Bola Tinubu’s administration to publish the full details of the proposed Vienna transaction and provide Nigerians with a comprehensive account of increased revenue, subsidy savings, additional oil earnings and the country’s rising debt.
He also advocated for greater public access to information on government revenue, expenditure, borrowing, guarantees and liabilities.
“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,” Atiku said.
“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 added.
