Atiku Questions Tinubu's Borrowing Amid Oil Windfall

Former Vice President Atiku Abubakar criticized the Tinubu administration for what he termed "unprecedented domestic borrowing" despite a significant windfall from high international crude oil prices. In a statement released on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku pointed out that the Federal Government raised approximately ₦5 trillion from the domestic bond market in the first half of 2026, nearly 80 percent of the total borrowed during the same period in 2025.

He questioned why the government, benefiting from an oil windfall, was borrowing at an accelerated pace and demanded transparency regarding the use of the additional revenue, estimated at ₦7.98 trillion. Atiku noted that while the 2026 Appropriation Act set a crude oil benchmark at $64.84 per barrel, Brent crude averaged around $92 per barrel.

He expressed concern over the lack of clear mechanisms for managing excess crude earnings and highlighted the worsening economic conditions for Nigerians, with 80 percent unable to afford a decent meal daily.