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Atiku tackles Tinubu on FG’s ‘endless borrowing’ despite N7.98trn oil windfall

*** Describes president’s economic policies as contradictory, opaque, bereft of fiscal discipline
*** Presidency alleges ex-VP Atiku paid US lobbyist $1.2m for election PR
By Uchedo Onyeoma
African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, on Sunday, criticised President Bola Tinubu’s administration over its “unprecedented domestic borrowing” despite the significant windfall accruing from high international crude oil prices.
But the presidency immediately replied Atiku, criticizing him for hiring a United States, US, lobbyist with $1.2 million, in preparation for the 2027 elections, urging the former vice president to show Nigerians the report card of presidential candidate of African Democratic Congress, ADC.
Atiku, on his part, described President Tinubu’s economic management as contradictory, opaque, and bereft of fiscal discipline.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu,
Atiku noted that the Federal Government has already raised about N5 trillion from the domestic bond market in the first half of 2026, “almost 80 per cent of the total amount borrowed during the corresponding period in 2025.”
According to Atiku, such aggressive borrowing would only be understandable if government revenues had collapsed.
“The exact opposite is the case,” he said.
The former Vice President pointed out that while the 2026 Appropriation Act benchmarked crude oil at $64.84 per barrel, the average price of Brent crude, the benchmark for Nigerian oil has remained around $92 per barrel between March 1 and July 14. Nigerian crude typically trades at a premium above Brent, making the government’s earnings even higher.
He said: “This naturally raises two unavoidable questions.
“First, why is a government enjoying such an extraordinary oil windfall borrowing at almost twice last year’s pace as though the nation were in financial distress? Second, where is the money?”
Atiku explained that the difference between the budget benchmark and prevailing oil prices amounts to an additional $27.15 on every barrel of crude sold.
“At an average production of 1.5 million barrels per day, Nigeria earns an estimated $42.7 million in additional revenue daily.
“Over the 135-day period between March 1 and July 14, this translates to approximately $5.76 billion, or about N7.98 trillion.
“Nigerians deserve a full accounting of this windfall. Where has the money gone? Why is there no transparent disclosure of the proceeds from excess crude sales? Why is government borrowing heavily when oil revenues are significantly above budget projections?” He asked.
Atiku recalled that previous administrations maintained clear mechanisms for warehousing and reporting excess crude earnings through the Sovereign Wealth Fund and other established fiscal buffers.
“Today, Nigerians have been left completely in the dark. A government that cannot explain what it has done with an estimated N7.98 trillion in additional oil receipts has no moral authority to continue plunging the country deeper into debt,” he stated.
The former Vice President further lamented that despite the huge oil windfall and the removal of fuel subsidy, millions of Nigerians continue to face worsening hardship.
He noted that recent United Nations findings indicate that about 80 per cent of Nigerians cannot afford a decent meal each day, while infrastructure continues to deteriorate despite repeated promises that subsidy savings would be invested in roads, healthcare, education, and other critical sectors.
“It is increasingly evident that this administration lacks the competence, discipline, and transparency required to manage the nation’s resources.
“Rather than allowing Nigerians to benefit from favourable global oil prices, it has chosen the path of endless borrowing, mounting debt, and deepening poverty.
“An ADC administration under my leadership will pursue a fundamentally different approach. Every kobo earned above the budget oil benchmark will be transparently accounted for and managed under a rules-based fiscal framework.
“Rather than borrowing recklessly in the midst of plenty, we will deploy excess revenues to reduce the nation’s debt burden, strengthen our fiscal buffers, and invest strategically in infrastructure, education, healthcare, agriculture, and other productive sectors that create jobs and stimulate sustainable economic growth.
“We will restore transparency in the management of oil revenues by publishing regular reports on excess crude earnings and ensuring that public finances are subject to the highest standards of accountability.
“We will cut the cost of governance, eliminate waste, block leakages, and ensure that borrowing is undertaken only for productive investments capable of generating measurable economic returns, not to finance consumption or conceal fiscal irresponsibility.
“Nigerians deserve answers. They deserve accountability. Above all, they deserve a government that manages national wealth in the public interest, not one that presides over unprecedented opacity while asking future generations to repay debts incurred in the midst of plenty,” Atiku said.
Meanwhile, President Bola Tinubu’s stand was conveyed by his Special Adviser on Media and Public Communication, Sunday Dare, who stated that Nigerians demand to know the report card of the African Democratic Congress, ADC, presidential candidate, Atiku Abubakar.
In a statement he signed, Dare said the former vice president can’t take Nigeria down the path of self-destruction.
The statement reads partly: “Worse still, for a man who presumes to offer leadership to Africa’s most populous nation, his recent resort to grievance offshoring, outsourcing political warfare to Washington and reportedly paying $1.2 million to an American lobbying firm to peddle petitions against a sitting Nigerian President, stands as an affront to Nigeria’s sovereignty and a vote of no confidence in its democratic institutions.
“It is also a stinging slight, an implicit condescension directed at generations of Nigerian journalists, policy analysts, academics, and public intellectuals who have spent decades analysing, critiquing, and carrying the burden of the nation’s democratic evolution.
“The Atiku Abubakar of today cuts a pitiable figure, a grotesque portrait of what a politician becomes when ambition overwhelms judgment and every political faculty becomes programmed for self-destruction.
“No, Atiku cannot take Nigeria down that path with him. He must travel it alone. But first, Nigerians deserve Atiku Abubakar’s report card. Charity, they say, begins at home, not in Washington.
“Nigerians deserve to know whether the Atiku Abubakar who has long presented himself as a democrat is, in reality, a politician of many colours. He has erected for himself a throne built simultaneously on sand and bayonets. It is time to explode the bayonets.”
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Nigeria at 66: Mixed reactions trail Tinubu’s nationwide address

***Four years not enough to solve decades of challenges – Tinubu
*** Says reforms didn’t weaken nation’s economy
*Atiku, CAN, others react
By Eze Nnadi
As Nigerians marked the country’s 66th independence anniversary in a very low key on October 1, President Bola Tinubu has declared that the numerous challenges confronting the country cannot be solved in only four years of his administration.
The president said his administration cannot erase in four years the challenges that accumulated in Nigeria over several generations, even as he assured that he can change the country’s trajectory and build an economy that lifts people out of poverty.
Tinubu, who made the declaration during his Independence Day address to Nigerians on Thursday, admitted that millions of Nigerians still struggle with high cost of food, education, healthcare and transportation.
The address has however received different reactions from stakeholders, especially the political and religious class.
The president insisted that the nation’s difficulties predated his administration and the reforms he introduced, arguing that his reforms did no weaken the nation’s economy as being claimed in some quarters
This is as former vice president, and presidential candidate of the opposition African Democratic Congress, (ADC) Atiku Abubarkar slammed the president’s claim that reforms introduced by his administration have paved the way for stability and prosperity in the country.
Atiku in his anniversary statement, questioned the stability and prosperity claim of President Tinubu, even as he accused him of plunging the country deeper into poverty and hardship, in the last three and half years of his administration.
President Tinubu, in his independence anniversary address to the nation said, “We cannot erase in four years what accumulated over generations. But we can change its course.
“We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way.”
The president argued that the hardships faced by vulnerable Nigerians were the result of “decades of low productivity, inadequate infrastructure, insufficient opportunity and institutions that too often failed those who needed them most”.
He disclosed that his government is currently strengthening direct support for the poorest households and improving the National Social Register to ensure assistance reach people who genuinely need it.
The president cited the Nigerian Education Loan Fund (NELFund), as a means of helping children from low-income families access higher education despite their parents’ inability to afford fees.
He similarly listed CREDICORP as another of his administration’s measures towards providing working Nigerians with access to consumer credit for vehicles, solar systems, digital devices and other essential assets.
Tinubu assured that his administration would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
Atiku, who slammed Tinubu’s declaration that Nigeria has entered an “age of prosperity”, reminded him that millions of Nigerians are still struggling with food, transport, healthcare, education and insecurity.
He regretted that the three years of Tinubu’s administration had exposed millions of Nigerians to severe hardship and poverty, ranging from cost-of-living crisis, forcing families to skipping meals, delaying medical treatment and borrowing money to survive until payday.
“Today, Bola Tinubu told us that the ‘emergency treatment is over’ and the ‘age of prosperity’ has begun
“A President may announce a new chapter in a speech. He cannot announce food onto a family’s table or money into a worker’s pocket.
“Bola, where is this prosperity? he queried
He argued that while a slower increase in prices could indicate lower inflation, it did not restore the purchasing power families had already lost.
“Bola says inflation has fallen. A slower rise in prices does not restore what families have lost,” he said.
He also acknowledged growth and rising exports but said such indicators should ultimately translate into improved living conditions.
“Nigerian businesses deserve credit for what they have achieved. But growth must improve lives. It cannot be a certificate of success that government awards itself while citizens struggle to survive,” he said.
Atiku used the prices of petrol and basic food items to illustrate the pressure on households since Tinubu assumed office.
He said a ₦30,000 minimum wage in April 2023 could buy about 118 litres of petrol, while a ₦70,000 minimum wage now buys about 50 litres.
“The salary has more than doubled on paper; the petrol it can buy has fallen by more than half,” he said.
Atiku also said the average price of an egg rose from about ₦88 in April 2023 to ₦261 in the country
“These may look like small items in a government report. In a family home, they are breakfast. They are the money left for a child’s lunch,” he said.
“If 2023 was the illness, why does your ‘cure’ buy less fuel, fewer eggs and a smaller loaf of bread?”
The former vice president rejected the suggestion that Nigerians demanding relief from high petrol prices were simply calling for a return to fuel subsidy.
“No mother struggling to feed her children is asking for ‘morphine’. No worker spending his wages on transport is addicted to subsidy,” he said.
“They are asking what happened to the savings you promised and when your reforms will bring down the cost of living.”
Atiku said his administration, if elected, would introduce a capped and budgeted production subsidy tied to verified fuel refined in Nigeria.
He said the scheme would include fuel produced by modular refineries but would exclude imported petrol.
“The benefit must reach consumers through lower pump prices,” he said.
According to Atiku, the costs of the programme would be published, while payments would be independently audited. He also said government waste would be cut to help fund the scheme.
“The principle is simple: produce here, refine here, create jobs here and pay less here,” he said.
“If Bola disagrees, he should answer the proposal on its merits. Calling relief an addiction will not lower the price of petrol.”
“A student loan does not make education affordable when fees are rising,” Atiku said.
***Prosperity yet to reach Nigerian homes — CAN
In its message, the Christian Association of Nigeria, CAN, said the president’s prosperity claims is yet to reflect on the the suffering Nigerians, as poverty and hardship have persisted.
CAN therefore urged the government to ensure that its promise of prosperity translates into cheaper food, lower transport and energy costs, jobs for young people and safer communities.
CAN President , Archbishop Daniel Okoh advised in his independent anniversary statement that government must not rely on the macros economic figures to claim stability noting that the real question should be whether families can afford the basics, young people can find decent work and people can go about their businesses without fear.
The Christian body however welcomed the shift from economic reforms to a focus on prosperity, but stressed that Nigerians must feel the impact in their daily lives.
“We welcome the shift from an era of economic reforms to an era of prosperity. But the true test of progress is not in statistics alone. It is whether families can afford food, young people can find decent work, communities can live in safety and every child has a fair opportunity to build a future,” he said.
CAN urged the government to make lower food, transport and energy costs a measurable priority, saying Nigerians who had endured years of economic pressure deserved to see relief in their daily lives.
The association also called for stronger support for vulnerable families, education, healthcare and affordable credit, with safeguards against diversion of funds.
“Support for vulnerable families, education, healthcare and affordable credit should be strengthened, transparently administered and protected from diversion,” CAN said.
CAN further argued that there could be no meaningful prosperity if Nigerians were unable to farm, trade or travel without fear.
“There can be no meaningful prosperity where citizens cannot farm, trade, travel or sleep peacefully because of fear,” the association said.
General News
Independence Anniversary: Workers expect wage increase, reduction in petrol price, others, says Union

***Reaffirms Sept. 30 ultimatum, strike threat
By Sam Otuonye
As President Bola Tinubu gets set to address Nigerians on Thursday, October 1, to commemorate the country’s 66th year of Independence, the Nigerian public servants have listed wage increase and reduction in the price of Premium Motor Spirit ( PMS), otherwise known as petrol as the things expected to dominate the speech and make them renege on their earlier threat of embarking on a strike action.
Nigerian public servants under the aegis of Joint National Public Service Negotiating Council (JNPSNC), which made the declaration in a statement on Tuesday, reaffirmed their September 30, 2026 ultimatum to the federal government over the rising cost of petrol as well as their demand for a wage award and the commencement of negotiations for a new national minimum wage.
The workers union, which issued a three-day warning strike notice to the Federal Government, beginning October 2, said they would have no other option than to commence their warned strike action, if the government fails to slash the price of petrol, announce a wage award and introduce other measures to cushion the crushing hardship in the country.
The statement, which listed members of the JNPSNC to include the Nigerian Civil Service Union (NCSU); Medical and Health Workers Union (M&HWU); Association of Senior Civil Servants of Nigeria (ASCSN); and National Association of Nigerian Nurses and Midwives (NANNM), Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Employees (AUPCTRE); Nigeria Union of Public Service, Reportorial, Secretarial, Data Processors and Allied Workers (NUPSRAW); National Union of Printing, Publishing and Paper Products Workers (NUPPPPROW); and National Union of Agriculture and Allied Employees (NUAAE), said it had mobilised public servants across the country for a three-day warning strike if the Federal Government failed to address the issues raised in its letter to President Bola Tinubu before the deadline.
The union in its statement, signed by the National Secretary of the JNPSNC and General Secretary of the Nigeria Civil Service Union, Olowoyo Gbenga, noted that it had earlier written to President Bola Tinubu on September 21, demanding that the price of petrol be slashed to N500, the immediate announcement of a wage award and the beginning of negotiations for not less than N500,000 minimum wage from 2027, among others.
The statement warned that if the president fails to address the unions demands during the Independence anniversary speech, “public servants nationwide would commence a three-day warning strike beginning October 2, 2026”, stressing that the concerns of Nigerian workers should no longer be ignored.
According to the statement, “the three critical issues requiring urgent attention are as follows: reduction of fuel price to N500 per litre. The Federal Government should take urgent steps to bring down the price of Premium Motor Spirit (PMS) to N500 per litre.
“This can be achieved through the provision of an intervention fund to address landing costs and support oil and gas operators.
“It is equally important for the Federal Government to ensure the sale of crude oil to the Dangote Refinery and operators of modular refineries at appropriate terms in order to facilitate increased domestic refining and help bring down the price of petroleum products.
“The current price of PMS, ranging from N1,450 to N2,000 and, in some locations outside major communities and cities, as high as N2,500 per litre, is unacceptable to Nigerian workers.
“The Council maintains that the economic hardship occasioned by the high cost of fuel is placing the survival of Nigerian workers, their dependants and the general populace under severe pressure, making it increasingly difficult for Nigerians to live normal and dignified lives.
Continuing, the union demanded that “the federal government should urgently approve a wage award for Nigerian workers to cushion the effects of the prevailing harsh economic conditions being experienced by workers, their dependants, and vulnerable Nigerians.
“The Council believes that urgent action on this demand will further enable public servants to consolidate their loyalty, commitment and productivity within the public service ecosystem.
“The Federal Government should urgently establish a tripartite committee to commence and facilitate negotiations for the new National Minimum Wage expected to become due in 2027.
“The Nigerian workers’ demand for the immediate constitution of the committee is informed by the need to avoid any administrative or procedural delay that could affect the implementation of the new National Minimum Wage once it is eventually negotiated and passed into law by the National Assembly.
“Consequently, the Council states that failure by the Federal Government to take the necessary steps to address these issues on or before 30th September 2026 will leave Nigerian workers with no option but to commence a three-day warning strike, with effect from Friday, 2nd October 2026, to press home their demands.
“It is imperative to state clearly that the Independence Day address of the president of the Federal Republic of Nigeria should adequately address these critical issues.
“Failure to address the concerns raised by the Council, will attract the displeasure of Nigerian workers and their dependants, as well as other vulnerable Nigerians who continue to bear the brunt of the prevailing economic hardship,” the union warned
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I’m here; ready, healthy and ready to go, Tinubu declares on arrival

From Lawrence Davids (Lagos)
President Bola Tinubu returned to the country, Tuesday evening, after a four- week working vacation in Europe, declaring himself healthy, sound and ready to go.
The President arrived at the Presidential Wing of the Murtala Muhammed International Airport, Ikeja, where he was received by Lagos State Governor Babajide Sanwo-Olu and other dignitaries.
Responding to journalists about his health condition, the President said he remained fit and prepared to continue his duties.
“Rumours will always be emanate from politics. I am hale and strong. I am ready to work. The fact remains that I am here, healthy, sound and ready to go,” Tinubu said.
Tinubu had left Abuja on August 30 for the working vacation, spending one week in London before travelling to Paris, where he spent additional one three weeks.
According to a statement issued on Tuesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu departed Paris for Lagos, where he is expected to hold strategic meetings with political leaders and associates.
“While in Lagos, President Tinubu will also hold strategic meetings with political leaders and associates over several days in preparation for the 2027 elections,” the statement read.
The Presidency said Tinubu chose to travel to Lagos first to honour the memory of the late Chief MKO Abiola, winner of the June 1993 presidential election and a prominent figure in Nigeria’s democratic struggle.
“On October 1, Independence Day, the President would attend the premiere of a movie honouring Abiola at the Wole Soyinka National Theatre, Iganmu, Lagos,” the statement added.
The President had departed Nigeria on August 30 for London before travelling to Paris, with the Presidency describing the trip as a working vacation. He later extended his stay by a few days before returning to Nigeria on Tuesday.
The President is expected to remain in Lagos for the 66th Independence Anniversary celebrations.
He is scheduled to attend official engagements in the state, including activities marking Nigeria’s independence on October 1, before returning to Abuja.
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