Atiku faults Tinubu’s borrowing spree amid N7.98trn oil windfall

Former Nigerian Vice President Atiku Abubakar has strongly criticized President Bola Tinubu's administration for its aggressive domestic borrowing strategy. Abubakar questioned the rationale behind accumulating more debt, particularly when the country has benefited from a substantial windfall due to high international crude oil prices.

Abubakar pointed out that the federal government had already secured approximately ₦5 trillion from the domestic bond market in the first half of 2026. He argued that such borrowing would only be justifiable if government revenues had collapsed, which he stated is not the case. The former vice president highlighted that the 2026 Appropriation Act had benchmarked crude oil at $64.84 per barrel, while the average price of Brent crude, Nigeria's oil benchmark, had remained around $92 per barrel between March 1 and July 14. This discrepancy, he noted, translates to an estimated $42.7 million in additional daily revenue, or about ₦7.98 trillion over the period.

"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?" Abubakar queried in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu.

Furthermore, Abubakar alleged that the current administration's power sector reform ideas mirrored concepts he had first advocated over two decades ago. He contended that the government had spent nearly three years exacerbating Nigeria's electricity crisis through poor planning and misplaced priorities. Abubakar lamented that despite the oil windfall and the removal of fuel subsidies, millions of Nigerians continue to face worsening hardship, citing United Nations findings that about 80 percent of the population struggles to afford adequate meals.

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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?