Atiku Warns of Nigeria's Falling Reserves at $48.37 Billion

Atiku Abubakar, the former Vice President of Nigeria, raised alarms regarding the decline of Nigeria's foreign reserves, which fell to $48.37 billion as of April 29, 2026, according to data from the Central Bank of Nigeria. This decline occurred despite a reported $5 trillion oil windfall during a period when crude oil prices surged, with West Texas Intermediate reaching $101 per barrel and Brent crude trading below $70 per barrel earlier in February 2026.

Atiku criticized the Tinubu administration for its management of the economy, highlighting a contradiction between the country's benefits from higher crude oil prices and the falling reserves. He warned that this situation reflects a dangerous pattern of economic mismanagement and urged the federal government to cease reliance on short-term measures that do not address the country's export base.

Atiku called for the government to handle oil windfall revenues responsibly and invest in long-term economic strengthening rather than using them for recurrent expenditures.