African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, on Sunday, criticised President Bola Tinubu’s administration over its “unprecedented domestic borrowing” despite the significant windfall accruing from high international crude oil prices.

Atiku described the administration’s economic management as contradictory, opaque, and bereft of fiscal discipline.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu,
Atiku noted that the Federal Government has already raised about N5 trillion from the domestic bond market in the first half of 202, “almost 80 per cent 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. Nigerian crude typically trades at a premium above Brent, making the government’s earnings even higher.

He said: “This naturally raises two unavoidable questions.

“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?”

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

“Over the 135-day period between March 1 and July 14, this 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 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.

Former Secretary to the Government of the Federation, SGF, Babachir Lawal, has revealed why late former President Muhammadu Buhari did not openly support President Bola Tinubu during the All Progressives Congress, APC, presidential primary ahead of the 2023 general election.

Lawal said Buhari was initially reluctant to back Tinubu because of concerns about his suitability but eventually agreed to remain neutral after a discussion with him.

The former SGF suggested that Buhari initially didn’t want to hand over to Tinubu because of religious and ethical principles.

He made the disclosure during an interview with Symfoni TV released on Saturday.

According to Lawal, Tinubu had played a significant role in previous APC campaigns by providing resources and political strategists, making it difficult for Buhari to oppose his presidential ambition.

“Bola Tinubu brought people and we coarced him to change the trajectory of the campaign through those his people.

“Buhari is a human and he’s a decent guy. So I am the only person that confront him with these facts.

“He will not say I don’t know. He would not say it’s a rumour because I was there.

“So why would he deny him (Tinubu)? Why would… in the end he said okay,” Lawal said.

The former SGF said that ahead of the APC presidential convention, he proposed that Buhari should remain neutral and allow party delegates to determine the party’s candidate.

“As we were going to the convention, I said, ‘Oga’, let’s make a deal. I said look, this man (Tinubu), we now know that on the basis of your religion and your ethics and your upbringing, you don’t want to hand over to this man, but he has helped us get here.

“So there’s no way. Let’s make a deal. Stay neutral and allow me to run the process.

“If we go to the convention and the party faithfuls defeat him, so be it. Your hand is not in it.”

Lawal said Buhari rejected the proposal at first, insisting that he would ensure Tinubu emerged as the APC candidate if left to manage the process.

“But Buhari said that’s not an excuse. I know you, you will give Bola Tinubu this ticket.

“I say, are you God now, sir?

“Buhari said, no, you started with me since 2002. So I know how you work. I know your methodologies. That man, if I leave him to you, he’ll get the ticket.”

Lawal said he argued that even if Tinubu secured the APC ticket, the outcome of the general election would ultimately be decided by Nigerians.

“I say, okay, okay, granted. If he gets the ticket, it means you are now a prophet. However, you’re ascribing to me qualities I don’t have.

“But let’s assume it happens. Supposing the general election rejects him, is that you?”

According to Lawal, Buhari also raised concerns about whether Tinubu would treat members of their political camp fairly if elected president.

“He mentioned some things. This man, is he going to be fair to our people? Is he going to be this?

“I said, yes, as long as I’m there, you know, I can checkmate him.

“He said, ‘Okay, deal.’”

The Independent National Electoral Commission, INEC, has announced that it will conduct a mock accreditation exercise on Saturday, August 1, 2026, as part of preparations for the August 15 Osun State governorship election.

According to a public announcement signed by Ariyo Rufus, Head of Department, Voter Education, Publicity, Gender and Inclusivity on behalf of Oluwatoyin Babalola, the INEC Osun State Resident Electoral Commissioner, the said the exercise was aimed at assessing its operational readiness and testing the efficiency of the Bimodal Voter Accreditation System, BVAS ahead of the governorship poll.

INEC stated that the exercise would simulate Election Day accreditation procedures but clarified that no voting would take place during the exercise.

The commission explained that “the mock accreditation would be conducted in selected polling units spread across the three senatorial districts of Osun State, covering Osun Central, Osun East and Osun West.

“In Osun Central Senatorial District, the selected local government areas are Osogbo, Olorunda, Ifelodun and Boripe, with designated polling units identified for the exercise.

“For Osun East Senatorial District, the exercise will take place in selected polling units across Ilesa West, Ilesa East, Oriade and Obokun local government areas.”

INEC also listed Egbedore, Ede North, Ede South and Ejigbo local government areas as the selected councils for the mock accreditation exercise in Osun West Senatorial District.

The commission urged all registered voters whose polling units were selected to participate in the exercise, stressing that only holders of valid Permanent Voter Cards would be accredited.

“This exercise is designed to test the functionality and efficiency of the Bimodal Voter Accreditation System (BVAS) under conditions similar to Election Day. There shall be no voting during the exercise,” the commission stated.

INEC reaffirmed its appreciation to residents of Osun State for their continued cooperation and support throughout the electoral process.

INEC also assured political parties, the media, civil society organisations and other stakeholders of the commission’s commitment to conducting a free, fair, credible, transparent and inclusive governorship election in Osun State.