Former Vice President Atiku Abubakar has criticized the National Economic Council for backing a $4.5 billion refinancing deal involving the Nigerian National Petroleum Company Limited. In a formal statement released by his aide, Phrank Shaibu, the former presidential candidate characterized President Bola Tinubu as a detrimental force to the Nigerian economy.
Abubakar argued that this additional borrowing confirms that the current government is prioritizing short-term fiscal survival at the expense of the nation’s long-term financial stability. He highlighted that these oil-backed obligations force the country to use future resources to pay for current administrative shortcomings.
The critique pointed to a contradiction in the government’s stance, noting that the Presidency recently claimed they could not capitalize on high oil prices because future earnings were already pledged. Despite this, they have now authorized further debt. Atiku described this as a cycle of waste and lack of transparency.
According to the former Vice President, the administration has replaced productive governance with a reliance on credit. He stated that the promised agenda of renewed hope has instead resulted in increased debt and public hardship. Abubakar demanded that the government disclose full details of the agreement, specifically the repayment terms and the amount of crude oil allocated to secure the loan.
