Atiku questions government's borrowing despite high oil revenues

Former Vice President Atiku Abubakar has challenged the Federal Government to explain what he calls an estimated ₦7.98 trillion oil revenue windfall. He questioned why the government continues heavy domestic borrowing even with crude oil prices much higher than the 2026 budget plan.

Atiku made his statements on Sunday through his Senior Special Assistant on Public Communication, Phrank Shaibu. He accused the Tinubu-led government of lacking fiscal transparency and discipline. He believes Nigerians deserve a clear account of the money made from increased international oil prices.

The former Vice President pointed out that the Federal Government raised about ₦5 trillion from the domestic bond market in the first half of 2026. This amount is nearly 80 percent of what was borrowed during the same time in 2025.

He argued that such aggressive borrowing usually happens when government revenues drop sharply. “The exact opposite is the case,” Atiku said.

He noted that the 2026 Appropriation Act set crude oil at $92 per barrel between March 1 and July 14, with Nigerian crude typically selling at a higher price. “This naturally raises two unavoidable questions. First, 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? Second, where is the money?