Former Vice President Atiku Abubakar has challenged the Tinubu administration to disclose details of its crude-backed financing arrangements, accusing the government of mortgaging Nigeria’s future oil earnings through undisclosed agreements.
In a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the Presidency’s defence of its economic policies had only reinforced concerns over the country’s oil-backed loans.
According to the statement, the government admitted that despite rising global crude oil prices, Nigeria could not fully benefit because a significant portion of its crude production had already been committed under financing agreements.
Atiku described the admission as an indictment, arguing that the government had merely replaced one financial burden with another by tying up future crude oil revenues.
He demanded answers to several questions, including who approved the transactions, how many barrels of crude were pledged, the repayment terms, the amount already received, the projects financed, and the identities of the counterparties.
“These are not political questions; they are constitutional questions about transparency and accountability,” Atiku said.
The former vice president also questioned the government’s defence of fuel subsidy removal, saying it could not claim to have saved money from ending subsidies while citing subsidy-related financing arrangements to explain reduced oil revenues.
Atiku maintained that transparency, not political messaging, is the real measure of fiscal responsibility, insisting Nigerians deserve full disclosure of the crude-backed financing agreements
