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.
