Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised President Bola Tinubu’s administration for increasing domestic borrowing despite what he described as a ₦7.98 trillion windfall from higher-than-projected crude oil prices.
In a statement by his media aide, Phrank Shaibu, Atiku questioned why the Federal Government borrowed nearly ₦5 trillion from the domestic bond market in the first half of 2026 when oil revenues had significantly exceeded budget projections.
He noted that while the 2026 budget benchmarked crude oil at $64.84 per barrel, Brent crude averaged about $92 per barrel between March and mid-July, generating an estimated additional ₦7.98 trillion in oil earnings. Atiku demanded transparency on how the excess revenue was utilized, asking, “Where is the money?”
The former vice president argued that previous administrations maintained clear mechanisms for managing excess crude earnings and accused the current government of operating without adequate fiscal accountability. He also lamented the continued economic hardship facing Nigerians despite fuel subsidy removal and increased oil revenue.
Atiku pledged that, if elected, his administration would ensure transparent management of excess oil earnings, reduce unnecessary borrowing, strengthen fiscal reserves, and channel additional revenues into infrastructure, education, healthcare, agriculture, and other sectors that drive economic growth. He insisted Nigerians deserve accountability and responsible management of the nation’s resources.
