The presidential candidate of the African Democratic Congress, Atiku Abubakar, has criticised the Federal Government's borrowing strategy, questioning why the President Bola Tinubu administration continues to raise domestic debt despite what he described as huge earnings from crude oil sales.

Atiku, in a statement issued on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, alleged that the administration's fiscal policy lacked transparency and prudent financial management.

The former Vice President claimed that the Federal Government raised about ₦5tn from the domestic bond market in the first half of 2026, representing nearly 80 per cent of the amount borrowed during the same period in 2025.

He argued that such borrowing would only be justified if government revenue had declined, insisting that rising global crude oil prices had instead boosted Nigeria's earnings.

According to Atiku, while the 2026 budget was based on an oil benchmark of $64.84 per barrel, Brent crude had averaged about $92 per barrel between March 1 and July 14, with Nigerian crude selling at a premium above the benchmark.

He estimated that the price difference translated into an additional $27.15 per barrel and, at an average daily production of 1.5 million barrels, generated about $5.76bn, equivalent to approximately ₦7.98tn, within the period under review.

The ADC standard-bearer challenged the Federal Government to disclose how the additional revenue had been utilised, asking why the country was accumulating more debt despite the reported windfall from oil exports.

He also lamented the economic hardship facing Nigerians, saying the removal of fuel subsidy and increased oil earnings had yet to translate into improved infrastructure or better living conditions.

Atiku said an ADC-led administration would adopt a transparent framework for managing excess crude earnings, reduce dependence on borrowing, strengthen fiscal reserves and channel additional revenues into infrastructure, healthcare, education, agriculture and other productive sectors. 

He also pledged regular public disclosure of oil revenue and stricter accountability in the management of public finances.