Diesel hits N2,000/Litre as Nigerian factories shut down – Atiku slams Tinubu over Vienna Bond

Presidential candidate Atiku Abubakar of the African Democratic Congress has criticized President Bola Tinubu over the soaring cost of diesel, which has reached N2,000 per liter, causing factories to close down. Atiku's spokesperson, Phrank Shaibu, stated that instead of addressing the high energy costs, the Tinubu administration is proposing a Vienna bond arrangement.

This proposal is seen as a sign of the government's expanding appetite for borrowing without providing a clear account of the record revenues, subsidy savings, and windfall from higher crude oil prices. Atiku emphasized that it is unjustifiable that factories are spending up to half of their operating costs just to keep the lights on while the Federal Government seeks more financing overseas.

He questioned why record revenues, subsidy savings, and higher oil prices have not reduced the government's dependence on debt. Atiku urged the Tinubu administration to explain how the money already coming in has been utilized before seeking additional loans. He warned that if the government does not address the energy costs, industries in Nigeria will struggle to survive, leading to higher prices for consumers, fewer jobs, and reduced household income.