Former Vice President Atiku Abubakar has launched a fierce criticism against President Bola Tinubu’s economic policies, questioning why the Federal Government is embarking on an aggressive domestic borrowing spree despite earning an estimated ₦7.98 trillion windfall from high global crude oil prices.
In a press statement issued in Abuja on Sunday, July 26, 2026, through his Senior Special Assistant on Public Communication, Phrank Shaibu, the African Democratic Congress (ADC) presidential candidate accused the administration of running an opaque, reckless, and undisciplined fiscal strategy.
According to details provided in the statement, Nigeria’s fiscal management presents stark contradictions. The Debt Management Office and domestic bond markets indicate the Federal Government raised nearly ₦5 trillion in domestic bonds during the first half of 2026 alone—reaching nearly 80 percent of the total domestic debt incurred throughout the entire year of 2025.
The 2026 Appropriation Act benchmarked crude oil prices at $64.84 per barrel. However, between March 1 and July 14, Brent crude averaged roughly $92 per barrel. At an estimated average output of 1.5 million barrels per day, Atiku noted the $27.15 per-barrel surplus generated $42.7 million daily in unexpected revenue. Over the 135-day period, this totaled $5.76 billion—or approximately ₦7.98 trillion.
Atiku faulted the administration for failing to deploy excess crude funds into traditional fiscal cushions like the Sovereign Wealth Fund, opting instead to rapidly increase public debt.
”A government enjoying such an extraordinary oil windfall should not be borrowing at almost twice last year’s pace as though the nation were in financial distress,” Atiku said. “Where has the money gone? A government that cannot account for ₦7.98 trillion in excess receipts has no moral authority to continue plunging the country deeper into debt.”
The former Vice President emphasized that neither the oil revenue windfall nor the savings accrued from petrol subsidy removal have translated into tangible relief for everyday Nigerians. Pointing to rising inflation, high food prices, and infrastructure deficits, he argued that the administration’s economic reforms have primarily yielded hardship rather than stability.
Atiku pledged that an ADC-led government would institute a rules-based fiscal framework to publish regular disclosures on excess crude revenue, using windfalls to reduce national debt and fund critical sectors such as healthcare, education, and agriculture.
While the Presidency has yet to issue an official response to Sunday’s statement, administration officials have repeatedly defended borrowing measures in recent months. The Federal Ministry of Finance maintains that domestic bond issuances are vital for plugging deficit gaps in the 2026 budget, funding long-term national infrastructure, and stabilizing foreign exchange reserves following major fiscal reforms.
