Nigerians suffering despite ₦7.98trn oil revenue — Atiku

Former Vice President and Presidential candidate of the African Democratic Congress (ADC) Atiku Abubakar has decried that Nigerians are suffering despite an estimated ₦7.98 trillion windfall from high international crude oil prices.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the presidential candidate of the African Democratic Congress (ADC) described the administration’s economic management as contradictory, opaque, and bereft of fiscal discipline.

He noted that the Federal Government has already raised about ₦5 trillion from the domestic bond market in the first half of 2026, almost 80% of the total amount borrowed during the corresponding period in 2025.

According to Atiku, such heavy borrowing would only make sense if government revenues had collapsed.

“The exact opposite is the case,” he said.

The former Vice President pointed out that while the 2026 Appropriation Act benchmarked crude oil at 92 per barrel between March 1 and July 14, with Nigerian crude typically trading at a premium above Brent.

“This naturally raises two unavoidable questions: First, why is a government enjoying such an extraordinary oil windfall borrowing at almost twice last year’s pace, as though the nation were in financial distress? Second, where is the money?” he queried.

Atiku explained that the gap between the budget benchmark and prevailing oil prices amounts to an additional 27.15 on every barrel of crude sold.

Over the 135-day period under review, he calculated the excess earnings at approximately $5.76 billion, or about ₦7.98 trillion.

He recalled that previous administrations maintained clear mechanisms for warehousing and reporting excess crude earnings through the Sovereign Wealth Fund and other established fiscal buffers.

Atiku further lamented that despite the massive oil windfall and the removal of the fuel subsidy, millions of Nigerians continue to suffer worsening hardship.

He cited recent United Nations findings showing that about 80% of Nigerians cannot afford a decent meal each day, while public infrastructure continues to deteriorate despite promises that subsidy savings would be invested in roads, healthcare, education, and other critical sectors.

He stated that an ADC administration under his leadership would pursue a different approach, ensuring that every kobo earned above the budget oil benchmark is transparently accounted for and managed under a rules-based fiscal framework.

Under this model, excess revenues would be deployed to reduce the nation’s debt burden, strengthen fiscal buffers, and invest directly in infrastructure, education, healthcare, and agriculture.

“Nigerians deserve answers. They deserve accountability. Above all, they deserve a government that manages national wealth in the public interest, not one that presides over unprecedented opacity while asking future generations to repay debts incurred in the midst of plenty,” Atiku said.