ABUJA, Nigeria — Former Vice President Atiku Abubakar has criticised the Federal Government’s continued reliance on domestic borrowing, questioning why the administration is raising trillions of naira from the local debt market despite benefiting from higher-than-expected oil revenues.
In a statement issued on Sunday through his Senior Special Assistant on Public Communication, Phrank Shaibu, the presidential candidate of the African Democratic Congress (ADC) described the Tinubu administration’s economic management as contradictory, lacking transparency and falling short of expected standards of fiscal discipline.
Atiku argued that the government’s borrowing pattern raises serious concerns about public finance management and the utilisation of increased revenue generated from crude oil exports. He called on the administration to provide Nigerians with a comprehensive account of the country’s oil earnings and explain why additional borrowing remains necessary.
According to the former vice president, the Federal Government raised approximately ₦5 trillion from the domestic bond market during the first half of 2026. He noted that the figure represents nearly 80 percent of the total amount borrowed during the corresponding period in 2025, describing the trend as difficult to reconcile with official claims of improved government revenue.
Atiku questioned why an administration that has repeatedly highlighted gains from fuel subsidy removal, exchange rate reforms and increased oil prices continues to depend heavily on debt financing. He argued that if revenues have indeed improved, Nigerians deserve to know how those resources have been spent and why borrowing continues to accelerate.
The ADC presidential candidate also called for greater fiscal transparency, insisting that the government should publish detailed accounts showing the inflow of oil revenues, expenditure patterns and the justification for new borrowing programmes.
He maintained that sustainable economic management requires prudent use of public resources, responsible budgeting and accountability rather than increasing the country’s debt burden. According to him, continued borrowing without clear explanations could place additional pressure on future public finances and reduce the government’s ability to fund critical development projects.
Atiku further urged the Federal Government to prioritise policies that stimulate economic growth, improve revenue generation outside the oil sector and strengthen investor confidence instead of relying predominantly on debt to finance government operations.
His remarks come amid ongoing national debates over Nigeria’s rising public debt, fiscal sustainability and the management of oil revenues, with economists and financial analysts continuing to monitor the government’s borrowing strategy against the backdrop of broader economic reforms.
The Federal Government has consistently defended its borrowing programme, maintaining that funds are being used to finance infrastructure development, support budget implementation and sustain economic reforms aimed at strengthening long-term growth. However, Atiku insists that greater transparency and accountability are essential to reassure Nigerians that increased revenues are being managed responsibly and in the country’s best interest.
