Former Vice President Atiku Abubakar has criticized the administration of President Bola Tinubu, alleging that the government is compromising Nigeria’s future oil profits through opaque financing deals. He has called for the immediate release of all details regarding these agreements.
Phrank Shaibu, an aide to Abubakar, issued a statement on Monday claiming that the government’s attempt to justify its economic policies actually served to confirm the opposition’s fears. According to the statement, the Presidency acknowledged that even with rising global oil prices, citizens are not seeing the benefits because significant portions of the country’s oil production are tied up in debt repayment schemes.
Abubakar argues that this admission highlights a serious failure in fiscal management. He asserts that if the nation’s oil income is already pledged to creditors, the current administration has simply traded old financial problems for new ones. He has challenged the government to explain who approved these deals, the volume of crude involved, the conditions of repayment, the identity of the lenders, and how the proceeds have been utilized.
The former Vice President stated that these inquiries are essential matters of constitutional accountability. He pointed out a contradiction in the administration’s narrative, noting that officials cannot claim success in ending fuel subsidies while simultaneously using subsidy-related debt as an excuse for missing oil revenues. Abubakar concluded by stating that true fiscal responsibility requires honest disclosure rather than political messaging.
