Former Vice-President Atiku Abubakar has renewed his criticism of President Bola Ahmed Tinubu’s government over the Federal Government’s rising debt, which reached N24.7 trillion. In a statement issued by his media team, Atiku described the administration’s borrowing drive as unjustifiable despite stronger public revenues. He argued that Nigeria should not be taking on more debt while proceeds from crude exports have increased and Brent crude climbed to $96 a barrel on Monday, approaching the $100 mark. Atiku said the government’s continued reliance on borrowing reflected dangerous fiscal indiscipline, limiting businesses’ access to credit, destroying jobs and deepening the cost-of-living crisis. He noted that the budget for the current fiscal year was based on an oil price assumption of $64.85 per barrel, well below current market levels. Rather than using the higher prices to reduce borrowing, strengthen companies and ease pressure on households, he said, the government raised N24.7 trillion from the domestic market between January and August 2026. That amount was 90.5% above the N12.98 trillion borrowed during the same period in 2025. Atiku characterised the policy as reckless fiscal management, saying the government was borrowing heavily even as a revenue windfall emerged. After three years of economic sacrifice, he said Nigerians should be told how savings from the fuel subsidy removal, increased income and higher crude prices had been used. He added that it was fundamentally inconsistent to collect and earn more, borrow even more, and still demand greater sacrifices from Nigerians facing hunger.
