Atiku Slams Tinubu Govt Over ₦5trn Domestic Borrowing Despite ₦7.98tr Oil Windfall

Nigeria's former Vice President and Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticized the Bola Tinubu-led administration for its excessive domestic borrowing despite a significant windfall from high international crude oil prices.

In a statement, Atiku noted that the Federal Government has raised about ₦5 trillion from the domestic bond market in the first half of 2026, almost 80% of the total amount borrowed during the corresponding period in 2025.

The former VP lamented that such aggressive borrowing would only be understandable if government revenues had collapsed. However, with crude oil prices averaging around $92 per barrel between March 1 and July 14, far exceeding the budget benchmark of $64.84 per barrel, Atiku questioned why the government is still borrowing heavily.

Atiku explained that the difference between the budget benchmark and prevailing oil prices amounts to an additional $27.15 on every barrel of crude sold. This translates to approximately ₦7.98 trillion in additional revenue over the 135-day period.