African Democratic Congress presidential candidate Atiku Abubakar has challenged the Federal Government to explain what he described as an estimated ₦7.98 trillion 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.
Atiku argued that the gap between the budget benchmark and prevailing oil prices translates to an additional 42.7m in additional revenue each day over the 135-day period between March 1 and July 14.
According to his calculations, the cumulative excess revenue amounts to $5.76bn, or approximately ₦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 criticised what he described as the administration’s failure to provide clear information on how excess oil earnings are being managed, recalling that previous governments maintained mechanisms such as the Sovereign Wealth Fund and other fiscal buffers to warehouse 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 also argued that the benefits of higher oil earnings and the removal of fuel subsidy had not translated into improved living conditions for Nigerians.
He cited what he described as recent United Nations findings indicating that about 80 per cent of Nigerians cannot afford a decent meal daily, while infrastructure, healthcare and education continue to suffer despite government assurances that savings from subsidy removal would be invested in critical 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.
Setting out the ADC’s economic agenda ahead of the 2027 general election, Atiku pledged that an administration under his leadership would adopt a rules-based fiscal framework to ensure that all revenues earned above the budget oil benchmark are publicly accounted for.
He said excess oil receipts would be channelled toward reducing Nigeria’s debt burden, strengthening fiscal reserves and financing investments in infrastructure, healthcare, education and agriculture instead of funding recurrent expenditure.
“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 accountability in the management of public resources.
