Atiku Abubakar, presidential candidate of the African Democratic Congress (ADC), has challenged President Bola Tinubu's administration over its borrowing pattern despite a significant increase in oil revenue. In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku revealed that the Federal Government raised approximately ₦5 trillion from the domestic bond market in the first half of 2026—nearly 80 per cent of the total borrowed in the same period of 2025. He attributed this to poor fiscal management, noting that crude oil prices averaged $92 per barrel between March 1 and July 14, far above the $64.84 benchmark in the 2026 Appropriation Act.
Atiku calculated that with Nigeria producing about 1.5 million barrels daily, the price difference yields an extra $27.15 per barrel, generating an estimated $42.7 million in additional daily revenue. Over the 135-day period, this amounts to roughly $5.76 billion, or ₦7.98 trillion. He questioned why the government continues aggressive borrowing under these conditions and demanded transparency on how the excess crude earnings are being used. He contrasted current practices with past administrations that channelled such windfalls into the Sovereign Wealth Fund and other fiscal buffers.
The former Vice President also highlighted ongoing hardship among Nigerians, citing United Nations findings that 80 per cent cannot afford a decent meal daily. He criticized the administration for failing to direct subsidy removal gains toward infrastructure, healthcare, and education. Atiku pledged that under an ADC government led by him, all revenues above the budget benchmark would be transparently managed, used to reduce debt, strengthen fiscal reserves, and fund key sectors.
Atiku highlights a contradiction: the government is borrowing heavily while benefiting from oil prices that generate ₦7.98 trillion in excess revenue. This raises a direct question for Nigerians—why borrow at this pace when revenues are above projections and hardship remains widespread? The administration's silence on the use of windfall gains undermines public trust in its fiscal stewardship.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
