…Demands Accountability for Excess Crude Earnings, Says Government Is Driving Nigeria Deeper Into Debt
By Abu Adamu
The presidential candidate of the African Democratic Congress (ADC) for the 2027 election, Atiku Abubakar, has criticised the administration of President Bola Tinubu over what he described as “unprecedented domestic borrowing” despite what he said was a massive windfall from rising international crude oil prices and increased government revenues.
In a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the Tinubu administration of pursuing contradictory economic policies, lacking fiscal discipline and failing to account for billions of naira earned from oil prices that have consistently exceeded the 2026 budget benchmark.
According to the former Vice President, the Federal Government has already raised about N5 trillion from the domestic bond market in the first half of 2026, representing almost 80 per cent of the total amount borrowed during the corresponding period in 2025.
He argued that such an aggressive borrowing strategy would only be justifiable if government revenues had collapsed.
“The exact opposite is the case,” Atiku said.
He noted that while the 2026 Appropriation Act benchmarked crude oil at $64.84 per barrel, Brent crude—the benchmark for Nigerian oil exports—has averaged about $92 per barrel between March 1 and July 14, with Nigerian crude typically trading at a premium above Brent.
According to him, the difference between the budget benchmark and prevailing market prices translates into an additional $27.15 on every barrel of crude sold.
Atiku estimated that with Nigeria producing an average of 1.5 million barrels of crude oil daily, the country earned approximately $42.7 million in additional revenue every day during the period under review.
He said that over the 135 days between March 1 and July 14, the excess earnings amounted to about $5.76 billion, equivalent to approximately N7.98 trillion.
“This naturally raises two unavoidable questions,” he said.
“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?”
The former Vice President demanded a comprehensive accounting of the excess oil revenues, questioning why there had been no public disclosure regarding the proceeds from crude oil sales above the budget benchmark.
“Nigerians deserve a full accounting of this windfall. Where has the money gone? Why is there no transparent disclosure of the proceeds from excess crude sales? Why is government borrowing heavily when oil revenues are significantly above budget projections?” he asked.
Atiku recalled that previous administrations operated established fiscal mechanisms, including the Sovereign Wealth Fund and other stabilisation buffers, through which excess crude earnings were warehoused and publicly reported.
He alleged that under the current administration, Nigerians had been left in the dark over the management of the additional oil revenues.
“A government that cannot explain what it has done with an estimated N7.98 trillion in additional oil receipts has no moral authority to continue plunging the country deeper into debt,” he said.
The ADC presidential candidate also argued that despite the removal of fuel subsidy and the surge in oil earnings, millions of Nigerians continue to experience worsening economic hardship.
Citing recent United Nations findings, Atiku claimed that about 80 per cent of Nigerians cannot afford a decent meal each day, while infrastructure across the country continues to deteriorate despite repeated assurances that savings from fuel subsidy removal would be invested in roads, healthcare, education and other critical sectors.
“It is increasingly evident that this administration lacks the competence, discipline and transparency required to manage the nation’s resources,” he stated.
“Rather than allowing Nigerians to benefit from favourable global oil prices, it has chosen the path of endless borrowing, mounting debt and deepening poverty.”
Setting out his economic vision, Atiku said an ADC administration under his leadership would adopt a rules-based fiscal framework to ensure that every naira earned above the budget oil benchmark is transparently accounted for.
He pledged that excess oil revenues would be deployed to reduce Nigeria’s debt burden, strengthen fiscal buffers and finance investments in infrastructure, education, healthcare, agriculture and other productive sectors capable of creating jobs and stimulating sustainable economic growth.
He also promised to restore transparency in the management of oil revenues by publishing regular reports on excess crude earnings, reducing the cost of governance, eliminating waste, blocking revenue leakages and ensuring that future borrowing is undertaken only for productive investments capable of generating measurable economic returns.
“Nigerians deserve answers. They deserve accountability. Above all, they deserve a government that manages national wealth in the public interest, not one that presides over unprecedented opacity while asking future generations to repay debts incurred in the midst of plenty,” Atiku said.
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