Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has called on the Federal Government to explain what he said is an estimated ₦7.98tn oil revenue windfall, questioning why the government is still resorting to extensive domestic borrowing despite earning from crude oil prices that have remained well above the 2026 budget benchmark.
In a statement released on Sunday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the Tinubu administration of lacking fiscal transparency and discipline, arguing that Nigerians are entitled to a clear explanation of revenues generated from elevated international oil prices.
He stated that the Federal Government had already secured about ₦5tn from the domestic bond market during the first half of 2026, amounting to nearly 80 per cent of what was borrowed within the same period in 2025.
According to Atiku, borrowing at such a pace would typically occur only when government revenues have dropped significantly.
“The exact opposite is the case,” Atiku said.
He explained that although the 2026 Appropriation Act set the oil benchmark at 92 per barrel between March 1 and July 14, Nigerian crude generally sells above that level.
“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 maintained that the difference between the budget benchmark and actual oil prices generated an estimated additional 42.7m in revenue every day during the 135-day period from March 1 to July 14.
Based on his calculations, the total excess revenue reached $5.76bn, equivalent to roughly ₦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 faulted the administration for failing to clearly disclose how excess oil income is being handled. He recalled that previous governments maintained fiscal mechanisms, including the Sovereign Wealth Fund and other reserve buffers, to safeguard 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 further argued that increased oil earnings and the removal of the fuel subsidy have not improved the welfare of Nigerians.
He referenced what he described as recent United Nations findings showing that around 80 per cent of Nigerians cannot afford a decent meal each day, while infrastructure, healthcare, and education continue to struggle despite government assurances that subsidy savings would be invested in key 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.
Outlining the ADC’s economic plans ahead of the 2027 general election, Atiku promised that his administration would introduce a rules-based fiscal framework to ensure all revenues earned above the budget oil benchmark are publicly disclosed.
He said excess oil earnings would be used to reduce Nigeria’s debt, strengthen fiscal reserves, and finance investments in infrastructure, healthcare, education, and agriculture instead of covering recurrent spending.
“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 greater accountability in the management of public funds.
“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 consistently defended its borrowing policy, saying the funds are needed to finance budget deficits, infrastructure projects, and ongoing economic reforms following the removal of the petrol subsidy and the unification of the foreign exchange market.
Nigeria’s 2026 budget was based on a crude oil benchmark of `$64.84 per barrel and production of about 1.5 million barrels per day. However, continued strength in global oil prices has intensified debate over the additional revenues accruing to the federation and how those funds are being managed.
Atiku’s latest comments add to mounting criticism from opposition figures over Nigeria’s rising public debt, fiscal transparency, and the management of oil revenues as political parties begin positioning themselves ahead of the 2027 presidential election.