By Henryrich Ojo | Newsworld

The 2027 presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has challenged the Federal Government to explain why it continues to seek additional loans despite its claims that Nigeria’s revenue has increased significantly.

Atiku also criticised President Bola Tinubu’s proposed Vienna-listed bond arrangement, demanding full disclosure of the structure, size, borrowing cost, repayment terms and extent of the Federal Government’s financial exposure.

The former Vice President made the demand in a statement issued on Thursday by his Senior Special Assistant on Public Communication, Phrank Shaibu.

Atiku argued that the government should account for increased revenues, savings from the removal of the petrol subsidy and higher-than-budgeted oil earnings before taking on additional debt.

“This is the central contradiction Nigerians are entitled to question. Government says revenues are up. It says subsidy removal has saved enormous sums. Oil prices are substantially above the benchmark used for the 2026 budget. Yet borrowing is accelerating, factories are suffocating under energy costs and ordinary Nigerians are still struggling to afford the basics,” he said.

He questioned the rationale for seeking additional funds through the Vienna transaction while Nigerians have not, in his view, been given sufficient information about how increased government revenues are being deployed.

“Before the Tinubu administration goes to Vienna in search of more money, it must first tell Nigerians what has happened to the money already coming in,” Atiku said.

Manufacturers Face Rising Energy Costs

Atiku also drew attention to the growing pressure on Nigerian manufacturers, citing diesel prices of more than ₦2,000 per litre in some industrial locations.

He referenced data from the Manufacturers Association of Nigeria (MAN) indicating that energy-related expenses now account for more than half of the operating costs of some manufacturers.

According to Atiku, manufacturers spent approximately ₦1.34 trillion on alternative energy in 2025, while expenditure during the first half of 2026 had already approached a similar level.

He said the situation was putting enormous pressure on businesses across major industrial centres such as Lagos, Kano, Aba and Nnewi.

“Before the manufacturer pays workers, buys raw materials, transports finished products, services bank loans or makes a profit, a huge part of the operating budget has already disappeared into simply keeping the machines running,” he said.

Atiku argued that sustained high energy costs would undermine efforts to expand Nigeria’s industrial base.

“No economy can industrialise under those conditions,” he said.

He warned that manufacturers facing mounting operational costs could be forced to increase prices, reduce production, lay off workers or shut down, with consequences for employment, household incomes and the cost of goods.

Atiku Demands Details of Vienna Bond Transaction

The ADC candidate also questioned the proposed transaction involving ESME Limited, described in the statement as a special-purpose vehicle involving Nigerian public institutions and Austrian interests and preparing to issue bonds on the Vienna market to finance investments in Nigeria.

Atiku said Nigerians deserved more information about the arrangement before the government proceeds.

He demanded disclosure of the transaction’s financial structure, size, borrowing cost, repayment terms and the level of Federal Government exposure, including any guarantees or liabilities that could eventually fall on the public.

“That is where the problem of transparency becomes impossible to ignore. Nigerians are constantly told that revenues have increased, Federation Account Allocation Committee (FAAC) allocations have risen, enormous savings have been made from subsidy removal and oil earnings have improved. At the same time, government borrowing continues to grow at an extraordinary rate,” he said.

Atiku also questioned why borrowing should continue to increase if oil earnings are exceeding the assumptions contained in the 2026 budget.

He noted that the budget was based on an oil price benchmark of $64.85 per barrel, arguing that crude prices had subsequently moved substantially above that level.

“If oil earnings are exceeding projections, revenues are rising and the government has indeed saved the huge sums it claims from subsidy removal, why is the appetite for borrowing increasing rather than falling?” he asked.

‘Tinubu Must Open the Books’

Atiku called on President Tinubu to publish comprehensive details of the Vienna transaction and provide Nigerians with an account of the additional revenues, subsidy savings, oil earnings and borrowing undertaken by the administration.

He also advocated greater transparency in government finances, saying citizens should be able to track revenue, expenditure, borrowing, guarantees and liabilities without having to piece together information from different government agencies.

“Bola Tinubu must open the books. Nigerians deserve to know what has been earned, what has been borrowed, what has been spent, what has been guaranteed and what obligations are being created in their name,” Atiku said.

He concluded by asking the government to account for the relationship between increased revenues and rising borrowing.

“The question is no longer complicated: if more money is coming in and even more money is being borrowed, where is the money, and where is the paper trail?” the former Vice President asked.