Crude oil nears $100 yet Tinubu govt’s borrowing hits N24.7tn – Atiku raises fresh alarm

Atiku Abubakar, the former Vice President, has once again criticized President Bola Ahmed Tinubu's administration for the increase in borrowing, which has risen to N24.7 trillion. In a statement by his media team, Atiku condemned the country's borrowing appetite despite the increased revenue. He noted that it is not economically sensible for Nigeria to continue borrowing while crude oil sales revenue has surged, with Brent crude prices reaching $96 per barrel, and nearing $100 per barrel.

Atiku alleged that Tinubu's government's continued borrowing demonstrates fiscal indiscipline, which is starving Nigerian businesses of credit, leading to job losses and exacerbating the cost of living crisis. He pointed out that when the fiscal year began, the Federal Government had budgeted based on an oil benchmark of $64.85 per barrel. However, crude oil prices have since risen substantially above this benchmark.

Yet, instead of this increased revenue translating into lower borrowing, stronger businesses, and relief for Nigerians, the Federal Government borrowed a staggering N24.7 trillion between January and August 2026, which is 90.5 percent more than the N12.98 trillion borrowed in the same period of 2025. Atiku believes this is not fiscal management, but rather a government that is borrowing recklessly, particularly during a period of record revenue.

He asked Nigerians, after three years of sacrifice, to see what happened to the subsidy savings, additional revenues, and the crude-oil windfall. Atiku emphasized that it is unacceptable to collect more, earn more, and still borrow more while asking already struggling Nigerians to sacrifice more.