Atiku Accuses Tinubu of Mortgaging Future Oil Earnings

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused the administration of President Bola Tinubu of mortgaging Nigeria’s future crude oil earnings through undisclosed financing agreements, calling for full public disclosure of the transactions.

In a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the Presidency’s recent defence of its economic policies had, in his view, confirmed concerns about crude-backed financing arrangements rather than addressing them.

According to the statement, the Presidency acknowledged that despite favourable international crude oil prices, Nigeria could not fully benefit from the increased revenue because a substantial portion of the country’s crude production had already been committed under existing financing agreements.

Atiku argued that the explanation raised fresh concerns about the management of the country’s oil resources. He said if future crude oil earnings had already been tied to financing arrangements, the administration had merely exchanged one financial obligation for another.

The former vice president called on the Federal Government to provide detailed information about the transactions, including who approved them, the volume of crude oil committed, the repayment terms, the amount of money already received, the projects financed with the proceeds and the identities of the parties involved in the agreements.

He maintained that these were matters of public accountability and transparency rather than political arguments.

Atiku also linked the issue to the administration’s position on the removal of fuel subsidy, saying the government could not claim success from ending the subsidy while at the same time explaining reduced oil revenue by referring to obligations arising from crude-backed financing.

He said the two positions appeared inconsistent and deserved further clarification from the government.

According to Atiku, genuine fiscal responsibility requires openness, adding that any government that declines to disclose the terms of crude-backed borrowing should not expect Nigerians to accept assurances about prudent economic management without adequate information.