Atiku Questions FG Borrowing Amid Reported ₦7.98tn Oil Windfall

Atiku Abubakar has questioned why the Federal Government is increasing domestic borrowing despite what he described as a major oil-price windfall.

The former vice president said the Tinubu administration had raised about ₦5 trillion from the domestic bond market in the first half of 2026, nearly 80 per cent of the amount borrowed in the same period of 2025.

In a statement issued by his aide, Phrank Shaibu, Atiku argued that the borrowing pace was difficult to justify because the 2026 budget benchmarked crude oil at $64.84 per barrel while Brent crude had traded around $92 per barrel between March 1 and July 14.

He said the difference between the benchmark and market price could amount to about $42.7 million in additional daily revenue if production averaged 1.57 million barrels per day.

Atiku put the possible extra revenue over the period at about $5.25 billion, or roughly ₦7.98 trillion at an exchange rate of ₦1,520 to the dollar, and asked where the money had gone.

The criticism adds to pressure on the government to explain its debt strategy, revenue use and fiscal reporting as Nigerians continue to face high living costs.

Sources: Vanguard, Daily Trust