Former Vice President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has asked the Federal Government to account for what he described as an estimated ₦7.98 trillion oil revenue windfall, questioning why the country continues to borrow heavily despite higher-than-budgeted crude oil prices.
Atiku Abubakar has challenged the Tinubu administration to provide a full explanation of what he claims is an estimated ₦7.98 trillion in additional oil revenue generated from higher international crude oil prices.
In a statement issued by his media aide, Phrank Shaibu, Atiku argued that the Federal Government’s continued domestic borrowing appears inconsistent with the significant increase in oil earnings recorded above the 2026 budget benchmark.
Questions Over Borrowing
According to Atiku, the Federal Government has reportedly raised about ₦5 trillion from the domestic bond market in the first half of 2026.
He questioned why the government would continue borrowing at such a pace if crude oil prices had consistently remained well above the benchmark used in the 2026 Appropriation Act.
Calls for Transparency
The former Vice President estimated that the difference between the budget benchmark and prevailing international oil prices translated into about $5.76 billion (approximately ₦7.98 trillion) in additional revenue over a 135-day period.
He urged the Federal Government to disclose how the alleged excess revenue had been spent, insisting that Nigerians deserve greater transparency regarding oil earnings and public finances.
Government Yet to Respond
As of the time of filing this report, the Federal Government had not issued an official response to Atiku’s latest claims.
The figures cited in Atiku’s statement represent his calculations based on prevailing crude oil prices and average production levels. They have not been independently verified by the Federal Government.