Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the Federal Government’s continued borrowing, questioning why the Tinubu administration is seeking additional loans despite what he described as an estimated ₦7.98 trillion oil revenue windfall generated from crude oil prices exceeding the 2026 budget benchmark.
In a statement issued through his media office, Atiku argued that the government’s plan to secure fresh domestic and external loans raises serious concerns about fiscal transparency and accountability. He maintained that Nigerians deserve a full explanation of how the excess oil earnings have been utilised before the government accumulates additional debt.
According to Atiku, international crude oil prices remained significantly above the benchmark used in preparing the 2026 budget, resulting in substantial additional revenue that should have reduced the need for extensive borrowing. He urged the Federal Government to provide a detailed public account of the alleged windfall and explain why it has not translated into greater fiscal stability.
The former vice president also warned that increasing Nigeria’s debt burden without adequate transparency could place additional pressure on future public finances. He called for stronger fiscal discipline, improved public expenditure management and greater accountability in the use of oil revenues, arguing that prudent management of national resources is essential for sustainable economic development.
The criticism comes amid ongoing debates over the Federal Government’s economic policies, rising public debt and the management of petroleum revenues. While the Tinubu administration has defended its borrowing strategy as necessary to finance infrastructure and support economic reforms, opposition figures continue to demand greater transparency over government finances and public spending.
