Atiku Slams Tinubu Govt Over 'Unprecedented' Domestic Borrowing Amid Crude Oil Windfall
Atiku Abubakar, Nigeria's former Vice President, has criticized the country's current government for borrowing heavily despite a significant increase in earnings from high international crude oil prices.
The government had benchmarked crude oil at $64.84 per barrel in its 2026 Appropriation Act, but Brent crude has averaged around $92 per barrel between March 1 and July 14.
This discrepancy raises two questions for Atiku: why is the government borrowing at almost twice last year's pace as though the nation were in financial distress, and where is the money?
He points out that the $27.15 difference between the benchmark and market price translates to an estimated $42.7 million in additional revenue daily.
Over 135 days, this amounts to approximately $5.76 billion, or about ₦7.98 trillion.