Atiku Accuses FG of ‘Reckless Borrowing’ Despite Oil Revenue Windfall

Presidential Candidate of the African Democratic Congress, ADC, Atiku Abubakar, has accused the Federal Government of reckless borrowing despite a windfall in oil revenue, saying the administration of President Bola Tinubu has continued to pile up domestic debts at a time crude oil prices have risen well above the 2026 budget benchmark.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former Vice President said it was troubling that the government borrowed ₦24.7 trillion domestically between January and August 2026 even as it enjoyed higher earnings from crude sales.

He described the scale of borrowing as unprecedented, noting that it represented a 90.5 per cent increase over the ₦12.98 trillion borrowed in the same period of 2025.

‘Borrowing Like Drunken Sailors’
“At the beginning of this fiscal year, the Federal Government budgeted on an oil benchmark of $64.85 per barrel. Today, crude oil prices have risen substantially above that benchmark,” Atiku said.

“Yet, instead of this windfall translating into lower borrowing, stronger businesses and relief for Nigerians, the Federal Government went into the domestic market and borrowed a staggering ₦24.7 trillion between January and August 2026 — 90.5 per cent more than the ₦12.98 trillion borrowed in the corresponding period of 2025.

“This is not fiscal management. This is a government borrowing like drunken sailors in the middle of a revenue windfall.”

‘Govt Crowding Out Private Sector’
The former Vice President argued that reforms introduced by the Tinubu administration, including the removal of petrol subsidy and the floating of the naira, ought to have eased pressure on government finances rather than deepen dependence on borrowing.

“So the question Nigerians must ask again is very simple: where is the money going?”

“What makes this recklessness even more damaging is that government is now competing directly with Nigerian businesses for money. Credit to government grew by 43 per cent, while credit to the private sector grew by only 9.6 per cent. Government credit is expanding about 4.5 times faster than credit to businesses.

“This government is not merely borrowing money; it is borrowing away the future of Nigerian businesses.”

Atiku said Nigeria cannot achieve prosperity when government “swallows the credit that should finance production.”

“An economy grows when businesses borrow to build factories, farmers borrow to expand production and entrepreneurs access affordable capital to create jobs — not when government becomes the biggest and most voracious customer in the banking hall.”

‘We Will Impose Fiscal Discipline’
He pledged that his administration would impose fiscal discipline, cut waste, prioritise productive expenditure and progressively reduce government’s dependence on the domestic credit market.

“Government must make room for the private sector to breathe, invest, produce and employ,” he stated.