Atiku Challenges FG Over Oil Windfall, Rising Borrowing

Former Vice President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has challenged the Federal Government to explain what he described as an estimated ₦7.98 trillion oil revenue windfall, questioning why the country continues to rely heavily on borrowing despite crude oil prices remaining above the 2026 budget benchmark. In a statement issued by his Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the Tinubu administration of lacking fiscal transparency and accountability.

According to Atiku, the Federal Government raised about ₦5 trillion from the domestic bond market in the first half of 2026, representing nearly 80 per cent of the amount borrowed during the same period in 2025. He argued that such aggressive borrowing would normally occur when government revenues are declining, insisting that current high oil prices should have significantly boosted public finances instead.

The former Vice President called on the government to provide Nigerians with a full account of oil revenues generated above the budget benchmark and explain how the additional earnings have been utilised. He warned that continued borrowing despite increased oil income could worsen the country's debt burden and undermine confidence in public financial management.

Atiku urged the Federal Government to embrace greater transparency in managing oil revenues and public debt, maintaining that prudent fiscal management is essential to restoring investor confidence and improving Nigeria's economic outlook.