₦airaland Forum

Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has challenged the Federal Government to explain what he described as an estimated ₦7.98tn oil revenue windfall, questioning why the administration continues to embark on massive domestic borrowing despite benefiting from crude oil prices far above the 2026 budget benchmark.

Atiku, in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, accused the Tinubu-led government of operating without fiscal transparency and discipline, insisting that Nigerians deserve a full account of revenues generated from higher international oil prices.

The former Vice President said the Federal Government had already raised about ₦5tn from the domestic bond market in the first half of 2026, representing nearly 80 per cent of the amount borrowed during the same period in 2025.

According to him, such aggressive borrowing would ordinarily be expected only when government revenues had fallen sharply.


“The exact opposite is the case,” Atiku said.

He noted that while the 2026 Appropriation Act pegged crude oil at 92 per barrel between March 1 and July 14, with Nigerian crude typically selling at a premium.

“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”, he asked.

Atiku argued that the gap between the budget benchmark and prevailing oil prices translates to an additional 42.7m in additional revenue each day over the 135-day period between March 1 and July 14.

According to his calculations, the cumulative excess revenue amounts to $5.76bn, or approximately ₦7.98tn.

“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?” the statement further read.

The ADC presidential candidate criticised what he described as the administration’s failure to provide clear information on how excess oil earnings are being managed, recalling that previous governments maintained mechanisms such as the Sovereign Wealth Fund and other fiscal buffers to warehouse and report such revenues.

“Today, Nigerians have been left completely in the dark. A government that cannot explain what it has done with an estimated ₦7.98tn in additional oil receipts has no moral authority to continue plunging the country deeper into debt,” he stated.

Atiku also argued that the benefits of higher oil earnings and the removal of fuel subsidy had not translated into improved living conditions for Nigerians.

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He cited what he described as recent United Nations findings indicating that about 80 per cent of Nigerians cannot afford a decent meal daily, while infrastructure, healthcare and education continue to suffer despite government assurances that savings from subsidy removal would be invested in critical sectors.


“It is increasingly evident that this administration lacks the competence, discipline, and transparency required to manage the nation’s resources.

“Rather than allowing Nigerians to benefit from favourable global oil prices, it has chosen the path of endless borrowing, mounting debt, and deepening poverty,” he added.

Setting out the ADC’s economic agenda ahead of the 2027 general election, Atiku pledged that an administration under his leadership would adopt a rules-based fiscal framework to ensure that all revenues earned above the budget oil benchmark are publicly accounted for.

He said excess oil receipts would be channelled toward reducing Nigeria’s debt burden, strengthening fiscal reserves and financing investments in infrastructure, healthcare, education and agriculture instead of funding recurrent expenditure.

“We will restore transparency in the management of oil revenues by publishing regular reports on excess crude earnings and ensuring that public finances are subject to the highest standards of accountability.

“We will cut the cost of governance, eliminate waste, block leakages, and ensure that borrowing is undertaken only for productive investments capable of generating measurable economic returns—not to finance consumption or conceal fiscal irresponsibility,” he added.

He concluded by insisting that Nigerians deserve accountability in the management of public resources.

“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,” he further read.

The Tinubu administration has defended its borrowing strategy as part of efforts to finance budget deficits, infrastructure development and ongoing economic reforms following the removal of petrol subsidy and the unification of the foreign exchange market.

Nigeria’s 2026 budget was benchmarked on crude oil selling at `$64.84 per barrel and production of about 1.5 million barrels per day. However, sustained strength in global oil prices has fueled debate over the extent of additional revenues accruing to the federation and how such funds are being managed.

Atiku’s latest remarks add to growing opposition criticism over public debt, fiscal transparency and the utilisation of oil revenues as political parties begin positioning ahead of the 2027 presidential election.

https://punchng.com/atiku-challenges-fg-over-oil-windfall-rising-borrowing/

This is exactly what I have been saying all along. Prior to now APC online urchins have been ranting that Jonathan had an oil wind fall, Now Tinubu is having same windfall and everywhere is hypocritically quite.

Projects everywhere.

External reserves growing nicely.

Atiku just wants to pocket the money.

That talk on the 29th may that subsidy was gone was a scam

It was just a plot to increase fuel price by over 300 percent. That was tilimbu's welcome package

They made it seem as though with subsidy removal all our problems would be solved

Now the so called subsidy is "gone" but tilimbu is still borrowing recklessly so tey IMF sef dey fear for us....IMF when dey borrow countries money to keep Dem in the debt cycle come dey advise Nigeria to slow down borrowing

A farmer who planted 120 yams but claimed he planted 200 would reap 120 yams and 80 yams

Flangelo12:
Projects everywhere.

External reserves growing nicely.

Atiku just wants to pocket the money.

This is exactly how someone without explanation would react

Flangelo12:
Projects everywhere.

External reserves growing nicely.

Atiku just wants to pocket the money.

as how nah?
In summary, Atiku is simply calling for transparency and accountability in this government.

His finance minister Taiwo or whatever he answers will soon come up with fabricated figures and lies on how the windfall did not reach the coffers of government

ok no wahala last last evrybody go dey alright

The only reason I enjoy Atiku's constant tantrums is because it keeps the government on their toes. But for the allegations of corruption, he he should give us an account of his 8 year stewardship as the vice president during the obasanjo regime first.

If we scrutinize it and he is standing straight then that is when we will take him seriously

:::


The question is what is tilumpu doing with all these money?


:::

Flangelo12:
Projects everywhere.

External reserves growing nicely.

Atiku just wants to pocket the money.

This ones will be hiding in their huts and be shouting projects everywhere, make una continue to dey deceive unasefs.
I just dey come from warri and I kept looking for the projects but bad roads and traffics everywhere.

Flangelo12:
Projects everywhere.
External reserves growing nicely.
Atiku just wants to pocket the money.

Are you sure that Tinubu ever attended classes in Chicago or he was too busy doing what Reno talked about in his documentary on his Chicago business?

Otherwise how can a bookkeeper borrow money at high interest rate to grow reserves of zero interest rate? The strangest thing about your balablu bulaba master strategist is how he has increased debt servicing and repayments, yet the total debt is going up.

You fit reason that one?

Meanwhile, is Atiku the Lagos landlord who grew budget 100 times to N4.2 trillion but failed to employ well paid civil servants to make water available to households? Since the money is too much for his pocket, do you know if he uses bullion vans to steal it

anonimi:
Are you sure that Tinubu ever attended classes in Chicago or he was too busy doing what Reno talked about in his documentary on his Chicago business?

Otherwise how can a bookkeeper borrow money at high interest rate to grow reserves of zero interest rate? The strangest thing about your balablu bulaba master strategist is how he has increased debt servicing and repayments, yet the total debt is going up.

You fit reason that one?

Meanwhile, is Atiku the Lagos landlord who grew budget 100 times to N4.2 trillion but failed to employ well paid civil servants to make water available to households? Since the money is too much for his pocket, do you know if he uses bullion vans to steal it

Convert it to dollars.

We repay most of that debt to dollars, a lot of which we are making today.

For once, let our government practice true accountability and see if things will not improve.

I might not be a fan of Atiku neither am a fan of the current president or even any other presidential candidates but our lack of accountability is a big problem and once in a while we need those who are bold and fearless regardless of whatever they've done in past to call the so called government of the day back to order.

Gentlelife50:
This ones will be hiding in their huts and be shouting projects everywhere, make una continue to dey deceive unasefs.
I just dey come from warri and I kept looking for the projects but bad roads and traffics everywhere.

Tell Sheriff to fix the roads.

I don't have faith in Atiku's presidency and Tinubu is only building on Buhari's legacy of incompetence and debt.

yemre:
The only reason I enjoy Atiku's constant tantrums is because it keeps the government on their toes. But for the allegations of corruption, he he should give us an account of his 8 year stewardship as the vice president during the obasanjo regime first.

If we scrutinize it and he is standing straight then that is when we will take him seriously

Atiku’s stewardship ended 19 years ago. APC’s anti-corruption squad has been in power for 11 years.

It’s either Atiku is squeaky clean or Tinubu is way more corrupt than him. Which one is your choice?

Flangelo12:
Projects everywhere.

External reserves growing nicely.

Atiku just wants to pocket the money.

:::


Tinubu is borrowing money to keep in foreign reserves?


:::

israelmao:
I don't have faith in Atiku's presidency and Tinubu is only building up Buhari's legacy of incompetence and debt.

So what other politician are you building up with your money to be a viable option to both Atiku and Tinubu

Flangelo12:
Convert it to dollars.

We repay most of that debt to dollars, a lot of which we are making today.

Let me help you out with your inadequate arithmetic.

Do you know how to read DMO reports

ogododo:
Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has challenged the Federal Government to explain what he described as an estimated ₦7.98tn oil revenue windfall, questioning why the administration continues to embark on massive domestic borrowing despite benefiting from crude oil prices far above the 2026 budget benchmark.

Atiku, in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, accused the Tinubu-led government of operating without fiscal transparency and discipline, insisting that Nigerians deserve a full account of revenues generated from higher international oil prices.

The former Vice President said the Federal Government had already raised about ₦5tn from the domestic bond market in the first half of 2026, representing nearly 80 per cent of the amount borrowed during the same period in 2025.

According to him, such aggressive borrowing would ordinarily be expected only when government revenues had fallen sharply.


“The exact opposite is the case,” Atiku said.

He noted that while the 2026 Appropriation Act pegged crude oil at 92 per barrel between March 1 and July 14, with Nigerian crude typically selling at a premium.

“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”, he asked.

Atiku argued that the gap between the budget benchmark and prevailing oil prices translates to an additional 42.7m in additional revenue each day over the 135-day period between March 1 and July 14.

According to his calculations, the cumulative excess revenue amounts to $5.76bn, or approximately ₦7.98tn.

“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?” the statement further read.

The ADC presidential candidate criticised what he described as the administration’s failure to provide clear information on how excess oil earnings are being managed, recalling that previous governments maintained mechanisms such as the Sovereign Wealth Fund and other fiscal buffers to warehouse and report such revenues.

“Today, Nigerians have been left completely in the dark. A government that cannot explain what it has done with an estimated ₦7.98tn in additional oil receipts has no moral authority to continue plunging the country deeper into debt,” he stated.

Atiku also argued that the benefits of higher oil earnings and the removal of fuel subsidy had not translated into improved living conditions for Nigerians.

Related News
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Atiku celebrates Yoruba Ronu leader Malaolu on 70th birthday
Atiku-linked US lobbying firm urges release of Tinubu records
He cited what he described as recent United Nations findings indicating that about 80 per cent of Nigerians cannot afford a decent meal daily, while infrastructure, healthcare and education continue to suffer despite government assurances that savings from subsidy removal would be invested in critical sectors.


“It is increasingly evident that this administration lacks the competence, discipline, and transparency required to manage the nation’s resources.

“Rather than allowing Nigerians to benefit from favourable global oil prices, it has chosen the path of endless borrowing, mounting debt, and deepening poverty,” he added.

Setting out the ADC’s economic agenda ahead of the 2027 general election, Atiku pledged that an administration under his leadership would adopt a rules-based fiscal framework to ensure that all revenues earned above the budget oil benchmark are publicly accounted for.

He said excess oil receipts would be channelled toward reducing Nigeria’s debt burden, strengthening fiscal reserves and financing investments in infrastructure, healthcare, education and agriculture instead of funding recurrent expenditure.

“We will restore transparency in the management of oil revenues by publishing regular reports on excess crude earnings and ensuring that public finances are subject to the highest standards of accountability.

“We will cut the cost of governance, eliminate waste, block leakages, and ensure that borrowing is undertaken only for productive investments capable of generating measurable economic returns—not to finance consumption or conceal fiscal irresponsibility,” he added.

He concluded by insisting that Nigerians deserve accountability in the management of public resources.

“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,” he further read.

The Tinubu administration has defended its borrowing strategy as part of efforts to finance budget deficits, infrastructure development and ongoing economic reforms following the removal of petrol subsidy and the unification of the foreign exchange market.

Nigeria’s 2026 budget was benchmarked on crude oil selling at `$64.84 per barrel and production of about 1.5 million barrels per day. However, sustained strength in global oil prices has fueled debate over the extent of additional revenues accruing to the federation and how such funds are being managed.

Atiku’s latest remarks add to growing opposition criticism over public debt, fiscal transparency and the utilisation of oil revenues as political parties begin positioning ahead of the 2027 presidential election.

https://punchng.com/atiku-challenges-fg-over-oil-windfall-rising-borrowing/

Atiku rest I beg. Cone back 2031

brain54:
:::


Tinubu is borrowing money to keep in foreign reserves?


:::

It's a mystery how it is growing.

Flangelo12:
It's a mystery how it is growing.

A mystery of dollar conversion because Tinubu failed to make it equal to N300 in the short term as promised

I am laughing at Nigerians over oil windfall.

The problem with the oil windfall is, and Atiku knows it well, as does Obi, is that from 2014- 2026 January, we had chronically low oil prices for a nation of our size to live on. Add the fact that Nigeria has not been developing its alternative sources of income, as well as a shit poor tax system with a very low tax to gdp....and the fact remains that we would not benefit from the oil price increase, because a large chunk of it has to go and pay for the debt we took on when the oil prices were low.

We had the same issue with the Gulf oil windfall in 1991. Because of chronically low oil prices from 1981-1990, we went into a lot of debt because we had to borrow to pay for the budget and to pay for subsides on a host of things. In 1981, we were subsidsing education, health, electricity , petrol and foodstuff. BY 1990, food subsides had gone, everyhting else was there...and the borrowing to sustain those things had increased.

That's why we were warned that fuel subsdiy had to go by Baroness Lynda Chalker in 1992. And we all abused her to the nines. ALong with the IMF.

Countries that are reliant on oil, when the oil prices crash, there is a lot of borrowing. WHen they rise , the debt has to be paid off, so a large part of the windfall from the recent rise will go to paying off debt.

Infact, all of you guys who praise GEJ , if we had had no debt forgieveness in 2005, we would have had hard times in the 2008-14 period, because most of the oil windfall would have gone to paying off debt, and even then, we still had to pay off a lot of the limited debt we had left over, plus rebuild our reserves under Yaradua, from paying off the bit of the debt we was supposed to pay off.


Nigeria has never been ruled by good leaders, because all your leaders don't want to develop an industrial nation or a nation of taxpayers, because either of those options would lead to an engaged populace that would put fire under their legs. Instead they run an economy hooked up to the price of oil. ANd the result is that when prices crash, we borrow to maintain the same standard, or close to it, that we had when oil prices were high, and when oil prices go high, we use most of the windfall to pay it off.

Atilku is playing games here, though Tinubu, and the buhari he brought in, are still to blame. Tax is low, diversification xero, and there is no roadmap to industrialization. And some APC Jokes want us to vote for them again, because 'we built road.'.

Flangelo12:
Tell Sheriff to fix the roads.

He's doing that very well at the moment! Now, shut your crap and face the Federal government, as that's the arm of government Atiku referred to!

So in the mind of Atiku, if Nigeria sells a barrel of oil for $92, we get the entire $92?

I laugh in Swahili

Flangelo12:
Tell Sheriff to fix the roads.

So if sherif is fixing federal roads which one is your drug lord doing that you are shouting projects up and down, some people slept on the road yesterday as we speak

Macphenson:
This is exactly what I have been saying all along. Prior to now APC online urchins have been ranting that Jonathan had an oil wind fall, Now Tinubu is having same windfall and everywhere is hypocritically quite.

Perennial Wailers, your so called oil windfall is still on going, & they are already wailing .

Match never finish, Wailers done dey wail already.

Gentlelife50:
So if sherif is fixing federal roads which one is your drug lord doing that you are shouting projects up and down, some people slept on the road yesterday as we speak

Who are u blaming?

Where u amongst the people that slept on the road yesterday?

Macphenson:
This is exactly what I have been saying all along. Prior to now APC online urchins have been ranting that Jonathan had an oil wind fall, Now Tinubu is having same windfall and everywhere is hypocritically quite.

JOnah had windfall..and he also had the debt burden reduced by the 2005 debt forgiveness that the G7 did under Obasanjo, where we paid off 1/3 of our debt, and the remainder was forgiven by the big powers.

And even then, we were back to loan taking under Yaradua, before prices rose very high, and stayed high

GEJ was just tinubu with high prices. Yes, he was. The problem was that he did not use the oil money to diversify the economy, he was weak on removing subsides, he did not fight corruption (the last two here are very importante), and the result was that our reserves went from 60 billion in 2008 ending, to 32 billion in June 2015. With sustained high oil prices from 2010-14 even.

That';s not good leadership, that's a disaster.

That's why I don't rate Jona as a good leader. Na tinubu with oil money.

favor914:
Perennial Wailers, your so called oil windfall is still on going, & they are already wailing .

Match never finish, Wailers done dey wail already.

Yes, but the thing is, tinubu and buhari did not remove subsides from 2015, which made our fiscal situation worse.

Also tinubu's focus has been on roads, not on fighting corruption, not on offering incentives to improve production industrially, subsides are still being kept on the power sector which are strangling it to death, and he even brought back fuel subsidy...at the expense of more debt to our budget.

And our tax to gdp is still bad. Very bad.

You guys should stop praising mediocrity. Get yourself someone better, and I am not your brain box to suggest anyone, because ye are not helpless toddlers.

anonimi:
A mystery of dollar conversion because Tinubu failed to make it equal to N300 in the short term as promised

How much dollars have you brought in?

Gentlelife50:
So if sherif is fixing federal roads which one is your drug lord doing that you are shouting projects up and down, some people slept on the road yesterday as we speak

E pain am.

Get a life.



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