Former Vice President of Nigeria and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticised the Bola Tinubu administration over what he described as its unprecedented domestic borrowing despite the significant windfall accruing from high international crude oil prices.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the administration’s economic management as contradictory, opaque, and bereft of fiscal discipline.

He noted that the federal government has already raised about N5 trillion from the domestic bond market in the first half of 2026, almost 80 percent 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.

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Nigerian crude, he said , typically trades at a premium above Brent, making the government’s earnings even higher. “This naturally raises two unavoidable questions,” Atiku said.

“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?” he asked.

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, he argued that Nigeria earns an estimated $42.7 million in additional revenue daily.

Over the 135-day period between March 1 and July 14, this, he pointed out, 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 the 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.

The upstream subsidiary of Oando Plc, Oando Energy Resources (OER), has pledged stronger collaboration with the Federal Ministry of Power to advance Nigeria’s gas-to-power agenda, boost electricity generation and support the country’s industrialisation drive.

The commitment was made during a courtesy visit by the company’s management team to the Minister of Power, Chief Adebayo Joseph Olasunkanmi Tegbe, where both sides discussed strategies to expand domestic gas utilisation, strengthen power infrastructure and accelerate reforms aimed at improving electricity supply across the country.

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The meeting brought together senior officials of the ministry and OER’s upstream leadership in what both sides described as a timely engagement amid ongoing efforts to address Nigeria’s power supply challenges.

Speaking during the visit, Managing Director of OER, Dr. Ainojie “Alex” Irune, said the company’s growing gas portfolio places it at the centre of Nigeria’s energy transition and economic development.

He noted that Oando’s operations already support the country’s power generation infrastructure through the Okpai Independent Power Plant, which supplies electricity to about 50 million Nigerians and contributes roughly 15 per cent of the nation’s power generation.

Irune described the facility as a proven “black start” power plant with a strong record of reliable operations, adding that Oando is increasingly prioritising gas development as a catalyst for economic transformation.

“Domestic capacity is not only an imperative now, but it is also the only way we get out of an economic crisis,” he said.

According to him, sustained investment in domestic gas resources, power infrastructure and industrial capacity will be essential to building a productive economy.

The OER boss also highlighted the activities of Oando Clean Energy (OCEL), the company’s renewable energy subsidiary established five years ago, which is exploring ways to combine gas, solar, wind and hydropower to improve access to affordable and reliable electricity across Africa.

He disclosed that the company is piloting an innovative project that repurposes abandoned oil wells within the Oando Joint Venture into geothermal-style power generation facilities, describing it as an example of the homegrown solutions required to address Africa’s energy needs.

Responding, Minister Tegbe welcomed Oando’s continued engagement and described the discussions as an opportunity to align government policies with private sector investment and technical expertise.

He said the Federal Government remains committed to strengthening gas-to-power projects as a critical pillar of Nigeria’s industrialisation strategy.

“We can talk about carbon credits, but in reality, it’s about the resources you have. You have to use them. That’s your advantage. Get it done in the cheapest, most efficient way possible. For me, it’s hydro, gas, and solar,” the minister said.

Tegbe also welcomed Oando’s offer to provide technical and advisory support to the ministry, particularly in the areas of skills development and knowledge transfer.

“I look forward to that collaboration, and I believe the power sector will get to a point where we start to see real progress. We need to look at how we use skills transfer and exchange to ensure our public sector side is also equipped to deliver on projects. I believe we will get there,” he added.

Both parties agreed to sustain engagement in the coming weeks as part of efforts to accelerate reforms and improve electricity delivery.

In his closing remarks, Irune stressed that achieving Nigeria’s energy transformation would require a shared commitment between government and the private sector.

“The ambition is not yours alone,” he told the minister, urging sustained collaboration to deliver the country’s long-term energy roadmap.

Oando said the meeting reinforces its commitment to supporting the Federal Government’s power sector reforms and advancing gas as the cornerstone of Nigeria’s industrial and economic development.

A major tragedy struck the Oko community in Anambra State after a three-storey students’ hostel collapsed late Sunday night, leaving an unknown number of people feared dead and several others trapped beneath the wreckage.

The affected building, identified as Elite Five Star Lodge, is located near Tonimas Filling Station in the Amokpala area behind the Federal Polytechnic, Oko, in Orumba North Local Government Area.

The cause of the collapse has not yet been established, while emergency rescue efforts continued on Monday as authorities searched for more victims.

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Personnel from the Anambra State Police Command, the Anambra State Fire Service, the Anambra State Emergency Management Agency (SEMA), alongside volunteers and other security agencies, have been working tirelessly to remove debris and rescue occupants believed to be trapped.

Several victims have been rescued alive and transported to a hospital in Oko for treatment. Bodies recovered from the scene have been taken to a mortuary, although officials say the exact number of deaths and injuries is yet to be confirmed.

Confirming the incident, the spokesperson for the Anambra State Police Command, SP Tochukwu Ikenga, said police officers responded immediately after receiving a distress call regarding the collapse.

He explained that a joint security team quickly secured the area to prevent further danger while coordinating rescue operations with relevant emergency agencies.

According to the police spokesperson, rescue operations remain ongoing, making it impossible at this stage to determine the total number of casualties or those affected.
He also confirmed that rescued victims are receiving medical care at a hospital in Oko.

The police have appealed to members of the public to remain calm, avoid circulating unverified information, and keep away from the scene to allow rescue workers unrestricted access.

Authorities are expected to release more details as rescue operations continue and investigations into the cause of the building collapse commence.