Former Vice President and ADC presidential candidate Atiku Abubakar is asking the Federal Government tough questions about money.
Speaking through his media aide, Phrank Shaibu, on Sunday, Atiku said the government should explain what it has done with an estimated ₦7.98tn in extra oil earnings, even as it keeps borrowing heavily at home.
He noted that between January and June 2026, the government raised about ₦5tn from domestic bonds. That is almost 80 percent of what it borrowed in the same period last year. To Atiku, that level of borrowing only makes sense when revenue is down, not when oil prices are up.
The 2026 budget was built on crude selling at $64.84 per barrel from March 1 to July 14. But Nigerian oil has been selling higher. Atiku’s team calculated that the gap added $42.7m every day for 135 days. That comes to $5.76bn, or about ₦7.98tn in additional income.
“Why is a government swimming in extra oil money borrowing almost twice as fast as last year, like we are in a crisis? And where exactly is the money?” he asked.
Atiku accused the Tinubu administration of poor transparency. He recalled that past governments used tools like the Sovereign Wealth Fund to record and report excess oil funds. Today, he said, Nigerians have no idea what is happening to the extra earnings.
He also tied it to daily hardship. Citing what he called recent UN figures, he said about 80 percent of Nigerians cannot afford three decent meals a day. Roads, hospitals and schools are still struggling, even though government promised that savings from subsidy removal would fix them.
“This government clearly lacks the discipline and openness to manage our resources,” Atiku said. “Instead of letting Nigerians benefit from good oil prices, it has chosen more debt, more borrowing, and more poverty.”
For 2027, he promised a different approach under ADC. Excess oil revenue, he said, would be published regularly and used to pay debt, grow reserves, and fund infrastructure, health, education and farming, not running government. He also pledged to cut waste, block leakages, and borrow only for projects that can pay back.
The Federal Government has defended its borrowing, saying it is needed to cover budget gaps, build infrastructure, and sustain reforms after subsidy removal and FX unification. The 2026 budget assumed 1.5 million barrels per day at $64.84, but higher global prices have now raised questions about how much extra cash has come in and where it went.
Atiku’s statement adds to mounting criticism over debt and transparency as parties gear up for 2027.
“Nigerians deserve answers. They deserve accountability. And they deserve leaders who manage our wealth for the people, not a government that hides the books while piling debt on future generations,” he said.