Atiku Questions Federal Government Borrowing Amid Rising Oil Revenues
Former Vice President Atiku Abubakar has criticised the Federal Government’s continued borrowing, raising concerns over the country’s fiscal direction despite increased earnings from crude oil sales. In a statement released through his media aide, he argued that the current economic approach appears inconsistent, particularly at a time when global oil prices remain significantly above the benchmark set in the national budget.
He noted that the government had already sourced trillions of naira from the domestic bond market within the first half of 2026, a figure considerably higher than what was recorded during the same period in the previous year. According to him, such borrowing would typically be justified in a period of declining revenue, but current market conditions suggest otherwise.
Atiku pointed out that the budget was based on a lower oil price benchmark, while actual market prices have remained substantially higher for several months, thereby generating additional revenue for the country. He questioned the management and transparency of these earnings, calling for clarity on how the excess income has been utilised.
The former presidential candidate also expressed concern that there has been little public disclosure regarding the handling of surplus oil proceeds, unlike previous frameworks that ensured accountability through designated fiscal mechanisms. He stressed that the lack of clear reporting raises questions about financial management and governance.
He further observed that, despite increased revenues and the removal of fuel subsidies, many Nigerians continue to face economic hardship, with limited visible improvements in infrastructure and social services. He maintained that a more disciplined and transparent approach to public finance is necessary, adding that excess revenue should be channelled towards reducing debt and supporting key sectors of the economy rather than increasing borrowing.
