Tinubu Under Fire as Atiku Speaks Out on N24.7 Trillion Borrowing Amid Higher Oil Prices

• Atiku Abubakar accused the President Bola Ahmed Tinubu administration of borrowing N24.7 trillion from the domestic market between January and August 2026
• The former vice president said government credit grew 43% while private sector credit rose only 9.6% in the same period
• Atiku, who is the ADC presidential candidate for the 2027 elections, questioned where revenues from subsidy removal and naira reforms were going

Legit.ng journalist Ridwan Adeola Yusuf has over nine years of experience covering politics, elections, public affairs, and governance in Nigeria and Africa.

FCT, Abuja – Former Vice President Atiku Abubakar has accused President Bola Tinubu’s administration of reckless domestic borrowing that is cutting off Nigerian businesses from affordable credit, even as government revenues have improved.

Legit.ng reports that Atiku made the accusation in a statement released on Monday, September 7, 2026, by his Senior Special Assistant on Public Communication, Phrank Shaibu.

According to the former vice president, the federal government borrowed N24.7 trillion from the domestic market between January and August 2026, a 90.5% jump compared to the N12.98 trillion borrowed in the same period in 2025.

Atiku questions spending as oil prices rise

Atiku pointed out that the 2026 budget was built on an oil price benchmark of $64.85 per barrel, and that crude prices had since risen well above that level. He argued that the windfall should have translated into reduced borrowing, not more of it.

“Tinubu removed fuel subsidy and told Nigerians the sacrifice…