Former Vice President Atiku Abubakar has called on President Bola Tinubu’s administration to provide Nigerians with a detailed account of government revenues, subsidy savings and existing debt obligations before proceeding with a proposed bond transaction in Vienna.
Atiku, through his Senior Special Assistant on Public Communication, Phrank Shaibu, questioned the need for additional foreign borrowing at a time when the Federal Government says revenues have increased and crude oil prices have exceeded the benchmark used in the 2026 budget.
He also raised concerns about the growing cost of energy for Nigerian manufacturers, saying high diesel prices and electricity costs were placing severe pressure on businesses.
According to Atiku, diesel prices have risen to about N2,000 per litre or more in some industrial locations, while energy-related expenses reportedly account for more than half of manufacturers’ operating costs.
He said manufacturers spent about N1.34 trillion on alternative energy in 2025, while spending during the first half of 2026 had already approached that figure.
Atiku argued that the combination of high energy costs, weak consumer purchasing power and rising government borrowing could further pressure businesses and employment.
He also questioned the structure of the proposed Vienna bond arrangement involving ESME Limited, a special-purpose vehicle linked to Nigerian public institutions and Austrian interests.
The former vice president said Nigerians should be told the size of the proposed transaction, interest rate, repayment period, currency, repayment mechanism and whether the Federal Government would provide any sovereign guarantee or assume contingent liabilities.
He further cited reported federal government domestic borrowing of N24.7 trillion in the first eight months of 2026, compared with N12.98 trillion during the corresponding period of 2025.
Atiku said the reported increase in borrowing was difficult to reconcile with higher government revenues, savings from fuel subsidy removal and crude oil prices exceeding the 2026 budget benchmark of $64.85 per barrel.
He called for a comprehensive reconciliation showing government revenue, expenditure, borrowing, subsidy savings and additional oil receipts.
“The Vienna transaction therefore cannot be treated as an obscure technical arrangement known only to officials, bankers and financial advisers,” Atiku said.
He maintained that Nigerians should have access to sufficient information to understand the financial implications of the transaction and any obligations that could ultimately fall on taxpayers.
Atiku also argued that heavy government borrowing from domestic financial markets could make credit more expensive for manufacturers, farmers and small businesses competing for available funds.
He therefore urged the Tinubu administration to publish details of the Vienna transaction and provide a comprehensive account of the country’s revenues, spending and debt obligations.
“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,” he said.
