Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s borrowing strategy, arguing that the Federal Government should not be increasing domestic debt despite what he described as an estimated ₦7.98 trillion windfall from elevated global crude oil prices.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku, the presidential candidate of the African Democratic Congress (ADC), described the administration’s economic management as lacking transparency and fiscal discipline.
He claimed the Federal Government borrowed about ₦5 trillion from the domestic bond market in the first half of 2026, nearly 80 per cent of the amount raised during the same period in 2025. According to him, such borrowing would only be justified if government revenue had declined, which he argued was not the case.
Atiku noted that the 2026 Appropriation Act used an oil benchmark of $64.84 per barrel, while Brent crude averaged about $92 per barrel between March 1 and July 14, with Nigerian crude typically selling above Brent prices.
He estimated that the difference between the budget benchmark and actual oil prices generated an additional $27.15 per barrel. Based on average daily production of 1.5 million barrels, he said this translated to about $42.7 million in extra daily revenue and roughly $5.76 billion, or ₦7.98 trillion, over 135 days.
The former vice president questioned the whereabouts of the additional revenue, recalling that previous administrations channelled excess oil earnings into fiscal buffers such as the Sovereign Wealth Fund.
Atiku also argued that despite higher oil earnings and the removal of fuel subsidies, many Nigerians continue to face economic hardship. He cited recent United Nations findings indicating that about 80 per cent of Nigerians cannot afford a decent meal each day, while key sectors such as infrastructure, healthcare and education have yet to see the promised benefits of subsidy savings.
He pledged that, if elected under the ADC, all revenue earned above the budget oil benchmark would be transparently managed under a rules-based fiscal framework and used to reduce debt, strengthen fiscal reserves and fund infrastructure, healthcare, education and agriculture.
Atiku says Tinubu adopts power policy he proposed 21 years ago
Atiku also claimed the Tinubu administration has embraced a decentralised electricity generation model that he first proposed more than 21 years ago.
He said recent comments by the Minister of Power, acknowledging that Nigeria cannot rely solely on large centralised power plants, amount to recognition of the approach he had long advocated.
According to Atiku, the government spent nearly three years increasing electricity tariffs before addressing the structural reforms needed to improve power supply.
Recalling his time as vice president under President Olusegun Obasanjo, Atiku said he had consistently pushed for a diversified electricity strategy based on hydroelectric power, solar energy, gas and other sources.
He explained that although Obasanjo appointed him to chair the Power Sector Reform Committee, he declined because he disagreed with its focus on gas-fired electricity generation, insisting that Nigeria required a broader and decentralised energy mix.
Atiku added that billions of dollars from the federal, state and local governments were invested in the programme, but many of the expected projects were never completed despite substantial upfront payments.
He noted that the National Assembly later investigated the power sector reforms and held the Obasanjo administration accountable, adding that he was not invited by lawmakers because he had declined to lead the committee.
According to Atiku, Nigeria’s challenge is not a lack of ideas but the failure to implement the right policies at the right time, arguing that Nigerians have paid the price for delayed reforms.
