Presidency Debunks Atiku's Claim of $10 Billion Oil Windfall

The Nigerian Presidency has disputed claims by former Vice President Atiku Abubakar that the country gained N7.98 trillion as windfall from the recent Middle East war between the US and Iran.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, said 'There is no such windfall of N7.98 trillion.'

The Presidency also clarified that any incremental revenue from higher oil prices is reflected in the monthly FAAC figures, noting that the average price for Brent crude for the half-year 2026 was around $90 compared to the $64.85 benchmark.

In addition, the Presidency stated that Nigeria's oil production shortfall partly offset the price premium and explained that some crude volume had been pledged for loans used to pay for the wasteful subsidy in the past.