By Omeiza Ajayi
ABUJA: Presidential Candidate of the African Democratic Congress ADC, Atiku Abubakar, has accused the Federal Government of reckless borrowing despite a windfall in oil revenue, saying the administration of President Bola Tinubu has continued to pile up domestic debts at a time crude oil prices have soared well above the benchmark used for the 2026 budget.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice president said it was troubling that the government would borrow ₦24.7 trillion domestically between January and August 2026 even as it enjoys higher earnings from crude sales.
He described the scale of the borrowing as unprecedented, noting that it represented a 90.5 per cent increase over what was borrowed in the same period of 2025.
“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.
