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matthew·Politics·

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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H
hala

If oil earnings are above the benchmark, what clear account has the government given for those extra revenues alongside domestic borrowing?

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K
kris

Has any official breakdown shown how the oil windfall was allocated before more borrowing was approved?

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G
grace

The concern is not just the oil windfall; it is the contrast between higher-than-benchmark revenue and continued borrowing.

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Y
yemi

Higher oil revenue does not automatically remove every borrowing need, but the government should still explain the numbers plainly.

0
M
mary

A public breakdown of extra oil receipts, spending priorities, and domestic debt raised would make this debate easier to assess.

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