Atiku Questions FG Borrowing Despite Alleged ₦7.98tn Oil Windfall

Former Vice President and African Democratic Congress (ADC) presidential candidate for the 2027 election, Atiku Abubakar, has challenged the Federal Government to explain why it continues to borrow heavily despite what he described as an estimated ₦7.98 trillion windfall from higher international crude oil prices.

Atiku, in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, alleged that the Federal Government had raised about ₦5 trillion through the domestic bond market in the first half of 2026.

He argued that the figure was nearly 80 per cent of the amount borrowed during the corresponding period in 2025, describing the development as evidence of what he characterised as contradictory economic management, weak fiscal discipline and a lack of transparency.

According to Atiku, the scale of borrowing would ordinarily be understandable if government revenues had declined significantly. He, however, argued that the situation was the opposite, given the sustained rise in international crude oil prices above the benchmark used in Nigeria's 2026 budget.

The former vice president noted that the 2026 Appropriation Act pegged the benchmark price of crude oil at $64.84 per barrel, while Brent crude, the international benchmark for Nigerian oil, averaged about $92 per barrel between March 1 and July 14.

Atiku further argued that Nigerian crude typically trades at a premium to Brent, suggesting that the country's actual oil earnings could be higher than the figures reflected in the budget benchmark.

He said the difference between the budget benchmark and prevailing crude prices represented an additional $27.15 per barrel, which, based on an estimated production rate of 1.5 million barrels per day, could translate into about $42.7 million in additional revenue daily.

Over the 135-day period between March 1 and July 14, Atiku estimated the additional earnings at approximately $5.76 billion, which he put at about ₦7.98 trillion.

The ADC candidate consequently demanded greater transparency from the Federal Government, asking why it was borrowing at an accelerated pace despite the alleged increase in oil revenues.

“This naturally raises two unavoidable questions. First, why is a government enjoying such an extraordinary oil windfall borrowing at almost twice last year’s pace as though the nation were in financial distress? Second, where is the money?” Atiku asked.

He also demanded a full account of the alleged additional oil revenue, questioning whether the proceeds had been properly disclosed and how they were being utilised.

“Nigerians deserve a full accounting of this windfall. Where has the money gone? Why is there no transparent disclosure of the proceeds from excess crude sales? Why is government borrowing heavily when oil revenues are significantly above budget projections?” he said.

Atiku recalled that previous administrations had mechanisms for managing and reporting excess crude earnings through fiscal buffers, including the Sovereign Wealth Fund.

He argued that Nigerians were yet to see sufficient evidence that increased oil earnings and savings from the removal of fuel subsidies had translated into meaningful improvements in living standards.

The former vice president also cited what he described as recent United Nations findings that about 80 per cent of Nigerians cannot afford a decent meal daily, while raising concerns over the state of infrastructure and the pace of investment in critical sectors.

He said the situation was particularly troubling given repeated assurances that savings from fuel subsidy reforms would be channelled into infrastructure, healthcare, education and other areas of national development.

“It is increasingly evident that this administration lacks the competence, discipline, and transparency required to manage the nation’s resources. Rather than allowing Nigerians to benefit from favourable global oil prices, it has chosen the path of endless borrowing, mounting debt, and deepening poverty,” Atiku alleged.

He promised that an ADC-led government under his leadership would ensure that all revenues generated above the budgeted oil benchmark were properly accounted for and managed through a rules-based fiscal framework.

Atiku's comments come as the Federal Government continues to defend its economic policies and borrowing strategy amid concerns over Nigeria's rising debt profile, inflation and the cost of servicing existing obligations.

The Presidency had yet to publicly respond to Atiku's latest allegations at the time of filing this report. The figures and estimates cited by the former vice president also remain claims by his camp and would require independent verification.