Former Vice President Atiku Abubakar has demanded that the Tinubu administration publicly account for Nigeria's revenues, subsidy savings, and rising oil receipts before proceeding with a planned financing arrangement on the Vienna bond market. In a statement released on September 10, 2026, by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the Vienna transaction involving ESME Limited, a special-purpose vehicle with both Nigerian public institutions and Austrian interests, raises serious transparency concerns.
Atiku Questions Vienna Bond Transparency
Atiku said Nigerians have not been given details on the size of the deal, its interest rate, repayment terms, or the extent of any sovereign guarantee. He stressed that the lack of information undermines public trust in the government's financial decisions.
The former vice president's remarks come amid mounting economic pressure on Nigerian households and businesses. Diesel prices have climbed to about ₦2,000 per litre in many industrial locations, and the Manufacturers Association of Nigeria (MAN) reports that energy-related costs now account for more than half of manufacturers' operating expenses.
Manufacturers Struggle as Energy Costs Soar
Atiku pointed to the condition of Nigerian manufacturers as evidence of a deeper economic contradiction. Manufacturers spent roughly ₦1.34 trillion on alternative energy in 2025, and spending in the first half of 2026 alone had already approached that same figure.
"No economy can industrialise under those conditions," Atiku said. "A manufacturer spending half of his operating costs on energy will eventually have to raise prices, cut production, lay off workers or close the factory. Whichever option he takes, ordinary Nigerians pay through higher prices, fewer jobs and reduced household income."
Revenues and Borrowing Rise Simultaneously
Atiku questioned why domestic borrowing has accelerated despite the government's claims of improved finances. Federal Government borrowing from the domestic market reportedly reached ₦24.7 trillion in the first eight months of 2026, compared with ₦12.98 trillion in the same period of 2025.
He noted that the 2026 budget was built on an oil benchmark of $64.85 per barrel, yet crude prices have since moved well above that level. With revenues rising, subsidy savings being claimed, and oil earnings exceeding projections, Atiku said the growing appetite for debt requires explanation.
"The question is no longer complicated: if more money is coming in and even more money is being borrowed, where is the money, and where is the paper trail?" he asked.
Atiku Calls for Full Disclosure
Atiku called on President Bola Tinubu to publish the full structure of the Vienna transaction and release a comprehensive reconciliation covering revenues earned, funds borrowed, expenditure made, and guarantees issued.
"Bola Tinubu must open the books. Nigerians deserve to know what has been earned, what has been borrowed, what has been spent, what has been guaranteed and what obligations are being created in their name," the statement read.
Previously, Legit.ng reported that Atiku rejected the Federal Government's characterisation of recent FAAC distributions as an economic success, arguing that the larger naira figures being announced each month conceal a significant loss of real value once inflation, currency depreciation, and state debt are factored in. In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the figures do not reflect genuine prosperity.
