Presidential candidate Atiku Abubakar has criticised the National Economic Council's approval of a $4.5 billion refinancing for the Nigerian National Petroleum Company (NNPC) Limited, calling it evidence that the Tinubu administration is using future oil earnings to sustain current spending. In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the move deepens Nigeria's reliance on oil-backed debt, sacrificing long-term wealth for short-term fiscal fixes. He referenced a recent Presidency statement admitting that Nigeria could not fully benefit from high global crude prices because future earnings were already pledged to foreign loans.
Atiku described the new refinancing as an escalation of a policy he called fiscally irresponsible, arguing that despite record oil windfalls, subsidy removal, and increased domestic borrowing, the government continues to secure loans against future crude production. He questioned how an administration with access to multiple revenue streams still finds it necessary to mortgage oil output, labelling the practice a sign of profligacy without restraint. The ADC presidential candidate demanded full disclosure of the refinancing terms, including repayment obligations and the volume of crude committed.
He stated that Nigerians have endured severe economic hardship in the name of reform, yet see no tangible returns, while borrowing persists unchecked. Atiku accused President Tinubu of turning debt into governance, saying promised hope has instead delivered renewed borrowing and uncertainty. He urged the administration to stop pledging national assets and to adopt fiscal policies that protect, rather than endanger, the country's economic future.
A government that claims it cannot benefit from high oil prices due to prior loan commitments has just approved another $4.5 billion in oil-backed debt. If future earnings are already encumbered, what remains to back this new refinancing — and what does that mean for Nigeria's fiscal headroom?
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