Atiku Critiques Tinubu's Reckless Borrowing Amid Oil Surge

Atiku Abubakar, through his Senior Special Assistant on Public Communication, Phrank Shaibu, expressed alarm over the Tinubu administration's borrowing practices amidst rising oil prices. He noted that the Federal Government budgeted an oil benchmark of $64.85 per barrel for the fiscal year, yet crude oil prices have increased significantly.

Despite this revenue windfall, the government borrowed ₦24.7 trillion from January to August 2026, a 90.5% increase from ₦12.98 trillion in the same period in 2025. Atiku criticized this as reckless fiscal management, stating that the government is competing with businesses for credit, which has grown by 43% for the government compared to only 9.6% for the private sector.

He argued that this trend indicates a failure of Tinubu's economic reforms, as businesses face higher borrowing costs, leading to postponed expansions and job losses. Atiku warned that the government's borrowing threatens the future of Nigerian businesses.