Atiku: FG Borrowing Like ‘Drunken Sailor' Despite Oil Revenue Windfall

The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused the federal government of reckless borrowing despite increased oil revenues, alleging that the administration of President Bola Tinubu borrowed ₦24.7 trillion from the domestic market between January and August 2026. Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, on Monday, said the borrowing represented a 90.5 per cent increase over the ₦12.98 trillion reportedly borrowed during the corresponding period of 2025. He said the development was troubling given that crude oil prices had risen above the $64.85 per barrel benchmark used for the 2026 budget. 'At the beginning of this fiscal year, the Federal Government budgeted on an oil benchmark of $64.85 per barrel. Today, crude oil prices have risen substantially above that benchmark. 'Yet, instead of this windfall translating into lower borrowing, stronger businesses and relief for Nigerians, the Federal Government went into the domestic market and borrowed a staggering ₦24.7 trillion between January and August 2026 — 90.5 per cent more than the ₦12.98 trillion borrowed in the corresponding period of 2025. 'This is not fiscal management. This is a government borrowing like drunken sailors in the middle of a revenue windfall,' Atiku said. The former vice president argued that major reforms introduced by the Tinubu administration, including the removal of the petrol subsidy and the floating of the naira, should have reduced pressure on government finances rather than increased dependence on domestic borrowing. He questioned how the additional revenue was being utilised, asking, 'where is the money going?'Atiku also raised concerns over the impact of government borrowing on access to credit by businesses, citing figures which he said showed that credit to government grew by 43 per cent, compared with 9.6 per cent growth in credit to the private sector. 'Government credit is expanding about 4.5 times faster than credit to businesses,' he said. According to Atiku, the trend suggested that the Tinubu administration's economic reforms had failed to generate meaningful improvement in private-sector access to finance.