Former Vice President Atiku Abubakar has criticized the current administration led by Bola Tinubu for its reliance on domestic borrowing. He expressed concern that the government continues to accumulate debt despite a significant financial gain of 7.98 trillion naira resulting from high global crude oil prices.
Speaking through his aide, Phrank Shaibu, Atiku labeled the administration’s economic strategy as unclear and lacking proper fiscal oversight. He pointed out that the federal government secured approximately 5 trillion naira from the bond market during the first half of 2026, representing a sharp increase in borrowing activity compared to the previous year. Atiku highlighted that with Brent crude trading around 92 dollars per barrel—well above the 64.84 dollar benchmark set in the 2026 budget—the government should be seeing a surplus rather than increasing its debt load.
Furthermore, Atiku asserted that the current administration is now finally adopting a decentralized electricity model he first proposed over 20 years ago. He argued that the government wasted three years managing the power sector poorly, which involved raising electricity tariffs before implementing the necessary structural reforms. He expressed frustration that the administration is only now moving toward the power generation strategy he advocated during his time as vice president under the Olusegun Obasanjo regime.
Atiku concluded by stating that Nigeria does not lack viable solutions but rather suffers from a deficit in leadership. He stated that a more transparent fiscal framework is required to ensure that excess oil revenues are used to lower the national debt and invest in essential services like education and healthcare, rather than burdening future generations with unnecessary loans.
