Former Nigerian Vice President Atiku Abubakar has raised concerns about the current administration’s financial practices, specifically criticizing the Bola Tinubu administration for its high levels of domestic borrowing amid significant oil revenue inflows. In a statement released by his advisor, Atiku described the government’s economic management as contradictory and lacking transparency.
Highlighting that the federal government has borrowed roughly N5 trillion in the first half of 2026—nearly 80% of last year’s total borrowing—Atiku questioned the necessity of such aggressive financial moves when government revenues are reportedly strong. He emphasized that with high international crude oil prices, the administration’s borrowing practices raise troubling questions about the handling of public funds.
Atiku pointed out that while the 2026 budget estimated oil prices at $64.84 per barrel, Brent crude has remained around $92 per barrel from March 1 to July 14, leading to significant additional revenue for the government. He estimated that the difference between the budget benchmark and the actual prices could lead to an additional N7.98 trillion in oil receipts over the period in question.
“Nigerians deserve a full accounting of this windfall. Where has the money gone?” he demanded, urging for clarity on the benefits derived from the excess crude sales. Atiku asserted that past administrations maintained clear procedures for reporting excess earnings through mechanisms like the Sovereign Wealth Fund, a practice he believes is lacking in the current governance.
Despite the increase in oil revenue and the removal of fuel subsidies, Atiku noted that many Nigerians continue to face economic hardship. Citing recent United Nations data, he indicated that around 80% of the population struggles to afford basic meals, a situation that persists despite promises of improved infrastructure investments from subsidy savings.
He outlined that an administration under his leadership would adopt a fundamentally different approach, ensuring that every extra naira earned from oil is managed openly and accounts for the public interest. Atiku vowed to cut down the cost of governance, promote accountability, and utilize excess revenues to reduce debt and stimulate economic growth in key sectors such as education and healthcare.
“Nigerians deserve accountability. Above all, they deserve a government that manages national wealth in the public interest,” he concluded.
