Former Vice President Atiku Abubakar has questioned the Federal Government's continued domestic borrowing, claiming that Nigeria earned an estimated ₦7.98 trillion in additional oil revenue above the 2026 budget benchmark. In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that the Tinubu administration's fiscal approach lacks transparency and accountability.
Why Atiku is questioning government borrowing
Atiku noted that the Federal Government raised about N5 trillion from the domestic bond market during the first half of 2026, nearly 80 per cent of the amount borrowed in the same period of 2025. He said such a pace of borrowing would ordinarily be expected only if government revenues had fallen sharply, but the opposite is true. The former vice president pointed to the 2026 Appropriation Act, which set a crude oil benchmark price of $64.84 per barrel, while Brent crude averaged about $92 per barrel between 1 March and 14 July. He argued that Nigerian crude typically sells at a premium above Brent, resulting in higher-than-projected revenue.
How much extra revenue did Atiku estimate?
Atiku estimated that the difference between the budget benchmark and prevailing international oil prices translated into an additional $27.15 per barrel. Based on an average daily production of 1.5 million barrels, he claimed Nigeria generated about $42.7 million in additional oil revenue each day. Over the 135-day period from 1 March to 14 July, he estimated the excess earnings at about $5.76 billion, equivalent to approximately ₦7.98 trillion. He questioned why the government continued to borrow heavily despite the alleged windfall. “Nigerians deserve a full accounting of this windfall. Where has the money gone? Why is there no transparent disclosure of the proceeds from excess crude sales? Why is government borrowing heavily when oil revenues are significantly above budget projections?” he asked.
Atiku's pledge on fiscal transparency
Atiku also said previous administrations maintained mechanisms for managing excess crude earnings through the Sovereign Wealth Fund and other fiscal buffers, adding that Nigerians deserve regular disclosure of such revenues. He linked the issue to the country's economic challenges, noting that many Nigerians continue to struggle despite the removal of fuel subsidy and higher oil prices. He argued that infrastructure had not improved at the pace many expected and claimed the administration lacked the fiscal discipline needed to manage public resources effectively. Looking ahead, Atiku said an ADC administration under his leadership would adopt a different approach to public finance by ensuring excess oil revenue is transparently managed and channelled into reducing public debt and funding critical sectors. “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.
The Federal Government had not responded to Atiku's claims at the time of filing this report.
