Atiku Slams Tinubu Over Heavy Borrowing Despite ₦7.98tr Oil Windfall

By Victor Idajili 

Former Vice President Atiku Abubakar has called out the Tinubu administration for borrowing heavily at home despite making huge money from oil.

In a statement released by his spokesman, Phrank Shaibu, Atiku said the government’s economic decisions are confusing, secretive, and lack financial discipline.

The ADC Presidential Candidate noted that between January and June 2026, the Federal Government already raised about ₦5 trillion from domestic bonds. That’s nearly 80% of what was borrowed in the same period last year.

According to Atiku, such borrowing would make sense only if government revenue had dropped. But that’s not the case.

He pointed out that the 2026 budget was based on oil at $64.84 per barrel. But from March 1 to July 14, Brent crude averaged around $92 per barrel. Nigerian crude usually sells even higher than Brent.

That $27.15 difference per barrel, Atiku said, has given Nigeria extra money. At 1.5 million barrels per day, that’s about $42.7 million extra daily. Over 135 days, it adds up to roughly $5.76 billion, or ₦7.98 trillion.

That raised two big questions for him. 
Why is a government swimming in oil money borrowing almost twice as much as last year, like it’s broke? 
Where is all that extra money?

Atiku said Nigerians deserve answers and full disclosure on how proceeds from excess crude sales are being used. He recalled that past governments kept excess oil earnings in the Sovereign Wealth Fund and other clear accounts.

“Today, Nigerians have been kept completely in the dark. A government that cannot explain what it did with an estimated ₦7.98 trillion in extra oil money has no right to keep borrowing and dumping debt on future generations,” he stated.

He also lamented that despite the oil boom and fuel subsidy removal, life has gotten harder for many Nigerians. Citing UN data, he said about 80% of Nigerians cannot afford one decent meal a day. Roads, hospitals and schools are still in bad shape despite promises that subsidy savings would fix them.

“It’s clear this government lacks the competence, discipline and transparency to manage our resources,” Atiku said. “Instead of letting Nigerians benefit from high oil prices, it chose more borrowing, more debt, and more poverty.”

Looking ahead to 2027, Atiku promised a different approach under an ADC government. He said every extra naira above the budget oil price would be tracked publicly under clear rules. The plan, he said, is to use the extra funds to pay down debt, build reserves, and invest in infrastructure, education, healthcare, and agriculture to create jobs.

“We will publish regular reports on excess crude earnings. We will cut waste, reduce cost of governance, and only borrow for projects that bring real returns, not to fund wasteful spending,” he added.

“Nigerians deserve answers. They deserve accountability. And they deserve a government that puts public money to work for the people, not one hiding behind secrecy while borrowing in the middle of plenty.”