By Seun Ibiyemi
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has questioned the Federal Government’s continued borrowing despite what he described as an estimated ₦7.98 trillion windfall from higher-than-budgeted international crude oil prices.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the administration of operating an economic management system that is “contradictory, opaque and bereft of fiscal discipline.”
He argued that the Federal Government had already raised about ₦5 trillion from the domestic bond market in the first half of 2026, representing nearly 80 per cent of the amount borrowed during the corresponding period in 2025.
According to the former vice president, such an aggressive borrowing strategy would ordinarily suggest a sharp decline in government revenues.
“The exact opposite is the case,” he stated.
Atiku noted that the 2026 Appropriation Act benchmarked crude oil at $92 per barrel, while international oil prices traded significantly above that level between March 1 and July 14, with Nigerian crude typically selling at a premium over Brent crude.
He said the development raises critical questions about the government’s fiscal management.
“Why is a government enjoying such an extraordinary oil windfall borrowing at almost twice last year’s pace as though the nation were in financial distress? Where is the money?” he asked.
According to Atiku, the difference between the budget benchmark and prevailing crude oil prices translates to an estimated additional $27.15 on every barrel of oil sold.
Based on the 135-day period under review, he estimated the excess earnings at about $5.76 billion, equivalent to approximately ₦7.98 trillion.
The former vice president recalled that previous administrations maintained transparent mechanisms for managing excess crude earnings through the Sovereign Wealth Fund and other fiscal buffers, insisting that similar accountability should apply to current revenues.
He also expressed concern that despite the reported oil windfall and the removal of the petrol subsidy, millions of Nigerians continue to grapple with rising hardship.
Citing recent United Nations findings, Atiku said about 80 per cent of Nigerians are unable to afford a decent meal daily, while infrastructure deficits persist despite assurances that savings from subsidy removal would be invested in roads, healthcare, education and other critical sectors.
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He pledged that an ADC-led administration would adopt a rules-based fiscal framework to ensure all revenues earned above the budget oil benchmark are transparently accounted for.
According to him, excess oil revenues would be channelled towards reducing Nigeria’s debt burden, strengthening fiscal buffers and financing investments in infrastructure, education, healthcare and agriculture.
“Nigerians deserve answers. They deserve accountability. Above all, they deserve a government that manages national wealth in the public interest, not one that presides over unprecedented opacity while asking future generations to repay debts incurred in the midst of plenty,” Atiku said.
