Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the Federal Government over its growing domestic debt, arguing that increased borrowing is difficult to justify when the country is reportedly earning far more from crude oil sales than projected.
In a statement released on Sunday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused President Bola Tinubu’s administration of poor fiscal management, saying its economic policies lack transparency, consistency and accountability.
He claimed that the Federal Government raised nearly N5 trillion from the domestic bond market during the first six months of 2026, a figure he said represents almost 80 per cent of the amount borrowed within the same period in 2025.
According to the former vice president, such a borrowing pattern would only make sense if government revenues had dropped significantly, but he insisted that the reverse was true.
Atiku pointed out that the 2026 national budget was based on a benchmark oil price of $64.84 per barrel, whereas Brent crude reportedly averaged around $92 per barrel between March 1 and July 14. He added that Nigerian crude generally commands a higher price than Brent.
He argued that the difference between the benchmark and actual oil prices generated an estimated additional $27.15 per barrel. Based on an average production of 1.5 million barrels daily, Atiku estimated that Nigeria earned roughly $42.7 million extra each day, amounting to about $5.76 billion or N7.98 trillion over the 135-day period.
He questioned why the government continued to borrow heavily despite what he described as a substantial oil revenue surplus.
Atiku called on the administration to publicly disclose how the excess earnings from crude oil sales had been utilised, insisting that Nigerians deserve a transparent account of the funds.
He also recalled that previous governments operated fiscal safeguards, including the Sovereign Wealth Fund and other mechanisms, to manage and report excess crude revenues. He alleged that the current administration had failed to provide similar accountability while continuing to expand the country’s debt burden.
The ADC flag bearer further expressed concern that many Nigerians were still struggling economically despite increased oil earnings and the removal of the fuel subsidy. He said expected improvements in infrastructure and public services had not materialised, despite government assurances that subsidy savings would be invested in critical sectors such as roads, education and healthcare.
Describing the administration as lacking the competence and discipline required for prudent resource management, Atiku said the government had opted for increased borrowing instead of using favourable oil revenues to improve citizens’ welfare.
He pledged that, if elected president, his administration would adopt a rules-based fiscal framework to manage oil revenues earned above the budget benchmark. He said the funds would be used to reduce public debt, strengthen fiscal reserves and finance investments in infrastructure, healthcare, education, agriculture and other productive sectors, while ensuring regular public disclosure of excess crude earnings and reducing the cost of governance.