Atiku Abubakar Critiques $4.5bn NNPC Loan Refinancing

Former Vice President Atiku Abubakar criticized the National Economic Council (NEC) for approving a $4.5 billion refinancing of the Nigerian National Petroleum Company (NNPC) Limited’s oil-backed loan. Speaking through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the decision as evidence of the Tinubu administration's reckless fiscal policies that jeopardize Nigeria's future.

He argued that each new oil-backed obligation deepens Nigeria's debt cycle, sacrificing future wealth for present failures. Atiku referenced a recent presidential statement regarding a ₦17 trillion crude oil windfall, which claimed Nigeria could not fully benefit from high international oil prices due to prior commitments to oil-backed loans.

He expressed concern that the administration continues to borrow against future oil production, leading to increased hardship for Nigerians. Atiku called for the immediate publication of the refinancing details, including terms and repayment obligations, asserting that the current government has turned Nigeria into a nation reliant on credit.