African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, on Sunday, criticised President Bola Tinubu’s administration over its “unprecedented domestic borrowing” despite the significant windfall accruing from high international crude oil prices.
Atiku described the administration’s economic management as contradictory, opaque, and bereft of fiscal discipline.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu,
Atiku noted that the Federal Government has already raised about N5 trillion from the domestic bond market in the first half of 202, “almost 80 per cent of the total amount borrowed during the corresponding period in 2025.”
According to Atiku, such aggressive borrowing would only be understandable if government revenues had collapsed.
“The exact opposite is the case,” he said.
The former Vice President pointed out that while the 2026 Appropriation Act benchmarked crude oil at $64.84 per barrel, the average price of Brent crude, the benchmark for Nigerian oil has remained around $92 per barrel between March 1 and July 14. Nigerian crude typically trades at a premium above Brent, making the government’s earnings even higher.
He said: “This naturally raises two unavoidable questions.
“First, why is a government enjoying such an extraordinary oil windfall borrowing at almost twice last year’s pace as though the nation were in financial distress? Second, where is the money?”
Atiku explained that the difference between the budget benchmark and prevailing oil prices amounts to an additional $27.15 on every barrel of crude sold.
“At an average production of 1.5 million barrels per day, Nigeria
