Nigeria’s former Vice President, Atiku Abubakar, has questioned the Federal Government’s rising domestic borrowing despite what he described as a massive revenue boost from soaring global oil prices.
In a statement issued by his spokesperson, Phrank Shaibu, Atiku argued that the government’s borrowing pattern raises concerns about transparency and fiscal management. He noted that the administration had reportedly secured about ₦5 trillion through the domestic bond market during the first half of 2026, a significant increase compared to the same period last year.
According to him, such borrowing would normally be expected during periods of declining government revenue. However, he said current international crude oil prices suggest Nigeria should be earning substantially more than projected in the national budget.
The 2026 budget was based on an oil benchmark of $64.84 per barrel, but Brent crude has traded at an average of about $92 per barrel for several months. Since Nigerian crude often sells above the Brent benchmark, Atiku estimated that the country has generated an additional ₦7.98 trillion in revenue from the higher prices.
He questioned why the government continues to increase borrowing despite the extra earnings, asking Nigerians to demand greater accountability over how the funds are being managed.
Atiku also compared the current situation with previous administrations, which maintained dedicated fiscal buffers and savings mechanisms to manage excess oil revenue. He argued that stronger financial transparency is necessary to ensure surplus earnings are properly accounted for and invested in national development.
The former vice president further expressed concern over the economic hardship facing millions of Nigerians. He said many citizens continue to struggle with rising living costs despite the removal of fuel subsidies and increased oil earnings, adding that critical sectors such as infrastructure, healthcare, education and agriculture require greater investment.
Presenting his alternative approach, Atiku said any revenue earned above the budgeted oil benchmark should be managed under a transparent fiscal framework. He stated that excess funds should be used to reduce public debt, strengthen national reserves and finance long-term development projects.
He concluded by insisting that Nigerians deserve clear explanations on the management of public resources, emphasizing that responsible governance requires openness, accountability and prudent use of the country’s wealth.
