Tinubu Under Fire as Atiku Speaks Out on N24.7 Trillion Borrowing Amid Higher Oil Prices
- Atiku Abubakar accused the President Bola Ahmed Tinubu administration of borrowing N24.7 trillion from the domestic market between January and August 2026
- The former vice president said government credit grew 43% while private sector credit rose only 9.6% in the same period
- Atiku, who is the ADC presidential candidate for the 2027 elections, questioned where revenues from subsidy removal and naira reforms were going
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Legit.ng journalist Ridwan Adeola Yusuf has over nine years of experience covering politics, elections, public affairs, and governance in Nigeria and Africa.
FCT, Abuja - Former Vice President Atiku Abubakar has accused President Bola Tinubu's administration of reckless domestic borrowing that is cutting off Nigerian businesses from affordable credit, even as government revenues have improved.
Legit.ng reports that Atiku made the accusation in a statement released on Monday, September 7, 2026, by his Senior Special Assistant on Public Communication, Phrank Shaibu.
Source: Getty Images
According to the former vice president, the federal government borrowed N24.7 trillion from the domestic market between January and August 2026, a 90.5% jump compared to the N12.98 trillion borrowed in the same period in 2025.
Atiku questions spending as oil prices rise
Atiku pointed out that the 2026 budget was built on an oil price benchmark of $64.85 per barrel, and that crude prices had since risen well above that level. He argued that the windfall should have translated into reduced borrowing, not more of it.
"Tinubu removed fuel subsidy and told Nigerians the sacrifice would free up money. He floated the naira and government revenues consequently received a massive nominal boost.
"Oil prices have risen sharply. Revenues have improved. Yet the borrowing has not gone down, it has exploded," he said.
"So the question Nigerians must ask again is very simple: where is the money going?"
He described the trend as evidence of poor fiscal management, saying the federal government had reaped the benefits of subsidy removal and naira reforms while still expanding its domestic debt.
Private sector crowded out, Atiku warns
The former vice president said the core damage lay in how government borrowing was competing directly with businesses for funds inside the domestic financial system. He said credit to the government grew by 43%, while credit to the private sector rose by only 9.6%, meaning government borrowing was expanding about 4.5 times faster than lending to businesses.
"When banks can lend to government at attractive, risk-free rates, why would they lend cheaply to the manufacturer in Aba, the furniture maker in Kaduna, the agro-processor in Kano or the young entrepreneur in Lagos?" he asked.
Atiku warned that the resulting rise in borrowing costs could slow business expansion, reduce hiring and push up the prices of goods and services for ordinary Nigerians.
"This government is not merely borrowing money; it is borrowing away the future of Nigerian businesses," he said.
Source: Facebook
Atiku, the presidential candidate of the African Democratic Congress (ADC) for the 2027 general elections, said he would enforce fiscal discipline if elected, cutting waste and reducing the government's reliance on the domestic credit market to create space for private sector growth.
He said:
"After three years of sacrifice, Nigerians deserve to see what happened to the subsidy savings, the additional revenues and the crude-oil windfall.
"You cannot collect more, earn more and still borrow more, while asking hungry Nigerians to sacrifice more."
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Atiku camp challenges Tinubu’s 2027 prediction
Earlier, Legit.ng reported that Atiku's spokesperson, Paul Ibe, dismissed a Political Intelligence Group projection that put President Tinubu ahead in the 2027 presidential race.
In a statement, Atiku's camp questioned the credibility and transparency of the forecast.
Source: Legit.ng
