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Atiku decries N24.7tr domestic borrowing amid higher oil prices

Atiku Abubakar

•ADC snubs Datti’s verdict on opposition candidates’ capacity
•My Anambra record shows I can rebuild Nigeria, Obi replies Datti

Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused the Federal Government of reckless borrowing despite a windfall in oil revenue.

It said the administration of President Bola Tinubu has continued to pile up domestic debts at a time when crude oil prices soared well above the benchmark used for the 2026 budget.

The party also dismissed the assessment by 2023 vice-presidential candidate of the Labour Party (LP), Yusuf Datti Baba-Ahmed, that none of the major opposition figures seeking to unseat Tinubu in 2027 had the capacity to improve Nigeria.

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However, the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, responded to Datti, saying that his Anambra State record was proof that he could fix the country.

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 N24.7 trillion from domestic sources between January and August 2026, even as it enjoyed higher earnings from crude sales.

EFN Non Oil Export

Atiku 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.

The former VP also said the Federal Government’s “unprecedented appetite” for domestic borrowing was starving Nigerian businesses of credit, as well as killing jobs and worsening the cost-of-living crisis.

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According to him, it is alarming that President Bola Tinubu’s administration has continued to borrow at a “frightening pace”, even when crude oil prices have risen substantially above the assumptions upon which the 2026 budget was built.
DATTI, who was Obi’s running mate in the 2023 presidential election, while discussing the 2027 contest.

Argued that the politicians challenging Tinubu had, at various times, been part of the political establishment.

His comments drew responses from some of the opposition figures he referred to, including Obi.

Reacting, ADC National Publicity Secretary, Bolaji Abdullahi, said Datti’s assessment was not worth a response.

“We don’t respond to every attention seeker,” Abdullahi said.

A source familiar with the party also told our correspondent that Atiku’s capacity to govern should not be judged merely by present political arguments, noting his record in public service.

The source said Atiku’s experience as vice-president, as well as his years of involvement in national politics and public administration, provided a basis for assessing his capacity to lead the country.

He added that while Nigerians were entitled to assess all the presidential candidates critically, dismissing Atiku’s capacity outright ignored his previous public responsibilities and experience at the highest levels of government.

DURING an interview on Arise News, Obi said his record as governor of Anambra demonstrated his capacity to improve governance and deliver results at the national level.

The former Anambra governor said he would prioritise reduced cost of governance, improved security, fighting corruption and addressing critical areas of development if allowed to lead Nigeria.

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“As a governor, I was able to improve Anambra in critical areas of development, and I can do the same in Nigeria,” Obi said. “I’m definitely sure that if given the opportunity, first, I’ll bring civility in governance. I’ll be able to cut the cost of governance.”

Obi said his administration would focus on restoring trust in government and ensuring public resources were directed towards issues affecting ordinary Nigerians. He added that tackling corruption, waste and insecurity would form part of his priorities, while promising reforms that would strengthen democratic institutions.

“I fight corruption and issues of waste. I’ve dealt with issues of law and order,” he said. “Rigging elections cannot take place under my watch. The parties will function as parties. Things will be done properly.”

The NDC candidate listed national unity, security, healthcare, education and poverty reduction among the key areas his government would focus on.

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