Former Vice President Atiku Abubakar has criticized the administration of President Bola Ahmed Tinubu over the Federal Government’s N24.7 trillion domestic borrowing in the first eight months of 2026.
Atiku, in a statement by his media team, questioned the continued borrowing despite increased government revenue and rising crude oil prices.
Brent crude rose to about $97 per barrel on Monday, nearing the $100 mark. Nigeria’s 2026 budget was based on an oil benchmark of $64.85 per barrel.
According to data from the Debt Management Office and the Central Bank of Nigeria, the Federal Government borrowed N24.7 trillion from domestic investors between January and August 2026, representing a 90.5% increase from the N12.98 trillion borrowed during the same period in 2025.
Atiku described the borrowing as evidence of fiscal indiscipline, arguing that increased government borrowing could limit access to credit for businesses and worsen the country’s economic challenges.
He also questioned how revenues from the removal of fuel subsidy and higher crude oil prices were being utilized.
“After three years of sacrifice, Nigerians deserve to see what happened to the subsidy savings, the additional revenues, and the crude-oil windfall,” Atiku said.
His comments come as government credit continues to grow faster than private-sector lending, raising concerns about the impact of increased domestic borrowing on businesses.
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