Former Vice President Atiku Abubakar has criticized the current administration for its heavy reliance on domestic borrowing. He questioned the need for such debt accumulation, noting that the government has benefited from an estimated 7.98 trillion naira windfall due to high global crude oil prices.
Speaking through his aide, Phrank Shaibu, Atiku characterized the government’s economic strategy as inconsistent and lacking transparency. He highlighted that the federal government secured approximately 5 trillion naira from the domestic bond market during the first half of 2026, a figure representing nearly 80 percent of the total borrowing recorded in the same period of 2025.
The former Vice President noted that while the 2026 budget was calculated using a 64.84 dollars-per-barrel oil benchmark, actual market prices for Nigerian crude have consistently exceeded 92 dollars per barrel. He estimated this discrepancy results in an extra 7.98 trillion naira in revenue over a 135-day period, yet the government continues to increase its debt profile instead of managing these surplus funds effectively.
Atiku expressed concern over the rising cost of living, referencing United Nations data suggesting that 80 percent of the population struggles to afford daily meals. He argued that promised investments in healthcare, education, and infrastructure using subsidy savings have failed to materialize. He concluded by asserting that a government led by his party would implement a rules-based fiscal framework, prioritizing debt reduction and the transparent management of excess oil revenues for the public good.
