Atiku Demands Answers on Oil Windfall as Federal Borrowing Rises

Former Vice President Atiku Abubakar has asked the Federal Government to explain how it is managing additional oil revenues earned above the 2026 budget benchmark, while continuing to raise funds through domestic borrowing. Atiku said crude oil was benchmarked at $64.84 per barrel in the 2026 budget, but higher international prices could have generated about $5.76bn, or roughly ₦7.98tn, in extra revenue between March and mid-July. He also claimed the Federal Government raised about ₦5tn from the domestic bond market in the first half of 2026. He called for regular public disclosure of excess crude earnings and said such funds should reduce debt, build reserves and support infrastructure, health, education and agriculture. The Federal Government has said its borrowing is intended to finance budget deficits, infrastructure and ongoing economic reforms.

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