Former Vice President Atiku Abubakar has slammed President Bola Ahmed Tinubu’s administration over its aggressive domestic borrowing spree, questioning why the Federal Government continues to pile up debt despite recording an estimated ₦7.98 trillion windfall from elevated global crude oil prices.
In a statement issued through his Special Assistant on Public Communication, Phrank Shaibu, the African Democratic Congress (ADC) chieftain described the government’s fiscal management as “opaque, contradictory, and bereft of discipline,” pointing out that the state has already raised roughly ₦5 trillion from the domestic bond market in the first half of 2026 alone.
Core Points Raised by Atiku
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Surplus vs. Debt Surge: Atiku noted that while the 2026 Appropriation Act benchmarked oil at $64.84 per barrel, global crude traded at an average of $92 per barrel between March 1 and July 14. At an average output of 1.5 million barrels per day, this generated an unbudgeted excess revenue of $5.76 billion (₦7.98 trillion) over 135 days.
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Demand for Accountability: The former Vice President challenged the presidency to disclose where the excess oil funds are being warehoused, contrasting current practices with past administrations that maintained transparent accounting through the Sovereign Wealth Fund and Excess Crude Account.
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Impact on Inflation & Cost of Living: He warned that frantic domestic borrowing at high interest rates crowds out private sector credit, exacerbates inflationary pressures, and fails to alleviate widespread poverty across the country.
┌────────────────────────────────────────────────────────────────────────┐
│ FISCAL CONTRADICTION BREAKDOWN │
├────────────────────────────────────────────────────────────────────────┤
│ • Budget Benchmark Price : $64.84 / barrel │
│ │
│ • Prevailing Market Price: ~$92.00 / barrel (March–July 2026) │
│ │
│ • Daily Excess Revenue : ~$42.7 Million / day (at 1.5m bpd) │
│ │
│ • Total Estimated Windfall: $5.76 Billion (~₦7.98 Trillion) │
│ │
│ • H1 2026 Domestic Debt : ~₦5.0 Trillion raised via bond auctions │
└────────────────────────────────────────────────────────────────────────┘
(Sources: ADC Presidential Campaign Office & Budget Office Financial Statements)
“A Government Operating in the Dark”
Faulting the administration’s reliance on continuous loans to fund routine operations, Atiku emphasized that borrowing during a commodity boom signals fundamental governance flaws:
“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? A government that cannot explain what it has done with an estimated ₦7.98 trillion in additional oil receipts has no moral authority to continue plunging the country deeper into debt.” — Atiku Abubakar, ADC Presidential Candidate
The critique comes as civil society groups and opposition figures increase scrutiny on the Budget Office’s recent Consolidated Budget Implementation Report, which revealed the federal government exceeded its statutory debt limits by over 60 per cent.
Ayodele Quadri
Correspondent
