The 2027 African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has asked the Federal Government to explain why it is seeking more loans despite its claims that government revenue has increased significantly.
Atiku, who criticized President Bola Tinubu’s proposed Vienna-listed bond arrangement, said the government must first account for the funds already coming into its coffers before taking on more debt.
The former Vice President also raised concerns over the growing pressure on Nigerian manufacturers, with diesel prices now above ₦2,000 per litre in some industrial areas and energy costs taking more than half of the operating expenses of some factories.
Atiku spoke in a statement on Thursday through his Senior Special Assistant on Public Communication, Phrank Shaibu, NEWSNGR reports.
According to Atiku, the government’s decision to seek additional funding does not match its claims of improved revenue, savings from fuel subsidy removal and higher oil earnings.
“This is the central contradiction Nigerians are entitled to question. Government says revenues are up. It says subsidy removal has saved enormous sums. Oil prices are substantially above the benchmark used for the 2026 budget. Yet borrowing is accelerating, factories are suffocating under energy costs and ordinary Nigerians are still struggling to afford the basics,” the statement read.
He said the Tinubu administration should explain what has happened to the additional money before going to Vienna to raise more funds.
“Before the Tinubu administration goes to Vienna in search of more money, it must first tell Nigerians what has happened to the money already coming in,” Atiku said.
Atiku said the situation facing manufacturers showed the wider problems in the economy.
He noted that diesel was selling for about ₦2,000 per litre and above in some industrial locations, while the Manufacturers Association of Nigeria (MAN) had reported that energy-related expenses now account for more than half of manufacturers’ operating costs.
He also said manufacturers spent about ₦1.34 trillion on alternative energy in 2025, while spending in the first half of 2026 had already approached the same figure.
“Consider what that means for a factory in Lagos, Kano, Aba or Nnewi. Before the manufacturer pays workers, buys raw materials, transports finished products, services bank loans or makes a profit, a huge part of the operating budget has already disappeared into simply keeping the machines running,” he said.
Atiku added that “no economy can industrialise under those conditions.”
He warned that manufacturers faced with such costs would eventually be forced to increase prices, reduce production, lay off workers or close down.
According to him, any of these choices would affect ordinary Nigerians through higher prices, job losses and reduced household income.
The Vienna transaction involves ESME Limited, a special-purpose vehicle involving Nigerian public institutions and Austrian interests.
The company is preparing to issue bonds on the Vienna market to finance investments in Nigeria.
‘Gov’t Continues To Borrow At An Extraordinary Rate’
However, Atiku said Nigerians had not been given enough information about the arrangement.
He demanded details of the financial structure, size of the transaction, cost of borrowing, repayment terms and the extent of the Federal Government’s exposure.
“That is where the problem of transparency becomes impossible to ignore. Nigerians are constantly told that revenues have increased, Federation Account Allocation Committee (FAAC) allocations have risen, enormous savings have been made from subsidy removal and oil earnings have improved. At the same time, government borrowing continues to grow at an extraordinary rate,” the statement said.
Atiku also questioned the continued borrowing in spite of higher oil prices.
He noted that the 2026 budget was based on an oil price benchmark of $64.85 per barrel, while crude prices had moved substantially above that level.
“If oil earnings are exceeding projections, revenues are rising and the government has indeed saved the huge sums it claims from subsidy removal, why is the appetite for borrowing increasing rather than falling?” he asked.
Atiku called on Tinubu to publish the full details of the Vienna transaction and provide Nigerians with a clear account of the government’s increased revenue, subsidy savings, additional oil earnings and growing debt.
He said Nigerians should be able to easily track government revenue, spending, borrowing, guarantees and liabilities without having to search through documents from different ministries and agencies.
“Bola Tinubu must open the books. Nigerians deserve to know what has been earned, what has been borrowed, what has been spent, what has been guaranteed and what obligations are being created in their name,” Atiku said.
“The question is no longer complicated: if more money is coming in and even more money is being borrowed, where is the money, and where is the paper trail?” the former Vice President asked.
