Atiku Abubakar challenges Nigerian government on oil windfall and rising debt

Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has called on the Federal Government to account for an estimated ₦7.98tn in oil revenue windfall. He questioned why the administration continues significant domestic borrowing despite crude oil prices exceeding the 2026 budget benchmark. In a statement, Abubakar accused the Tinubu-led government of lacking fiscal transparency, noting that the government raised about ₦5tn from the domestic bond market in the first half of 2026, nearly double the borrowing from the same period in 2025. He highlighted that the 2026 Appropriation Act benchmarked crude oil at $92 per barrel, while actual prices have been higher, leading to an estimated $5.76bn ₦7.98tn in excess revenue between March 1 and July 14. Abubakar criticized the absence of transparent disclosure regarding these proceeds, contrasting it with previous governments' use of mechanisms like the Sovereign Wealth Fund. He argued that the benefits of higher oil earnings and fuel subsidy removal have not improved living conditions, citing UN findings that 80% of Nigerians cannot afford a decent daily meal. Abubakar pledged that an ADC administration would implement a rules-based fiscal framework, channeling excess oil receipts towards debt reduction, strengthening fiscal reserves, and investing in infrastructure, healthcare, education, and agriculture, rather than recurrent expenditure. The Tinubu administration has defended its borrowing