Atiku Slams Tinubu Administration over Heavy Borrowing Amid Oil Windfall

Nigerian presidential candidate Atiku Abubakar has criticized the current administration for borrowing heavily despite a significant windfall in oil revenues. According to Atiku, the government's economic management is contradictory, opaque, and lacking in fiscal discipline.

The former Vice President pointed out that the Federal Government has raised about ₦5 trillion from the domestic bond market in the first half of 2026, almost 80 per cent of the total amount borrowed during the corresponding period in 2025. Atiku questioned why the government is borrowing at such a high rate when oil revenues are significantly above budget projections.

He noted that while the 2026 Appropriation Act benchmarked crude oil at $64.84 per barrel, the average price of Brent crude between March 1 and July 14 was around $92 per barrel. This means an additional $27.15 on every barrel sold, translating to approximately ₦7.98 trillion in extra revenue over the same period.

Atiku called for transparency in managing oil revenues, suggesting that excess earnings should be publicly disclosed and invested in infrastructure and other productive sectors. He argued that the current administration lacks competence, discipline, and transparency in managing national resources, leading to reckless borrowing and deepening poverty.