Former Vice President and ADC presidential candidate Atiku Abubakar has condemned the current administration for its heavy reliance on domestic borrowing despite receiving a massive financial boost from high global oil prices. In a statement released by his aide, Phrank Shaibu, Atiku challenged President Bola Tinubu’s team regarding the lack of transparency in managing an estimated N7.98 trillion in excess oil revenue.
Atiku highlighted that while the 2026 budget was based on a price of $64.84 per barrel, Brent crude has consistently traded at roughly $92 per barrel. This price difference yields an extra $42.7 million daily, totaling nearly $5.76 billion over several months. He argued that instead of using these funds to reduce the debt burden, the government has ramped up borrowing at a rate nearly double that of the previous year.
The former Vice President expressed deep concern over the disconnect between the reported oil windfall and the growing economic struggles of average citizens. Citing United Nations data, he noted that 80 percent of Nigerians struggle to afford daily meals, suggesting that savings from the fuel subsidy removal are not being utilized for public welfare or infrastructure as promised. He called for an immediate and detailed audit of all excess crude earnings.
Atiku concluded by stating that an administration under his leadership would adopt a strict, rules-based fiscal framework to ensure every extra kobo earned is accounted for and redirected toward infrastructure and debt reduction rather than consumption. He emphasized that the current government must provide clear answers regarding the missing funds and stop pushing the country further into a cycle of unsustainable debt.
