Atiku slams Tinubu govt for borrowing N5trn despite N7.98trn oil windfall

Atiku Abubakar criticizes Tinubu's administration for borrowing nearly N5 trillion from domestic markets in first half of 2026 while earning an estimated N7.98 trillion extra from oil revenues above budget projections. The ADC presidential candidate calls this 'unprecedented domestic borrowing' contradictory given Brent crude averaged $92/barrel (March 1-July 14) versus the $64.84 budget benchmark, with Nigeria's crude commanding a premium. Atiku calculates the windfall at $27.15 extra per barrel on 1.5 million barrels daily output—totalling $5.76 billion or N7.98 trillion over 135 days—yet sees no transparent accounting for these funds despite soaring poverty (UN data shows 80% of Nigerians can't afford daily meals) and deteriorating infrastructure post-subsidy removal. He notes past administrations used mechanisms like the Sovereign Wealth Fund for excess crude earnings, questioning where the money went and why borrowing continues amid plenty. The ADC proposes a rules-based framework where all excess oil revenues transparently reduce debt, strengthen fiscal buffers, and fund productive sectors like infrastructure, education, and agriculture—not consumption or waste—while demanding accountability for current windfall management.

SOURCE: https://dailypost.ng/2026/07/26/n7-98trn-oil-windfall-atiku-tackles-tinubu-govts-endless-borrowing/