Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the Federal Government’s approval of a $4.5 billion refinancing of the Nigerian National Petroleum Company (NNPC) Limited’s oil-backed loan, describing the move as a threat to Nigeria’s economic future.
In a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that the refinancing demonstrates the Tinubu administration’s continued reliance on debt despite implementing major economic reforms aimed at improving government finances.
According to him, every new oil-backed borrowing further commits Nigeria’s future crude oil earnings, leaving the country trapped in a cycle where future national wealth is used to finance present-day expenditure.
The former vice president recalled that the Presidency recently responded to his allegation of an unexplained ₦17 trillion crude oil windfall by stating that Nigeria could not fully benefit from high global crude oil prices because much of its future oil production had already been pledged to service existing oil-backed foreign loans.
Atiku maintained that rather than reducing dependence on such borrowing, the Federal Government had now approved another $4.5 billion refinancing arrangement. He argued that the latest decision reinforces concerns about the country’s growing debt profile and continued reliance on future oil revenues.
He questioned why an administration that removed fuel subsidy, introduced new taxes, increased domestic borrowing and benefited from higher crude oil revenues still found it necessary to secure additional financing against Nigeria’s future oil production.
According to Atiku, the government’s economic reforms have imposed severe hardship on Nigerians without delivering the expected fiscal relief, insisting that continuous borrowing undermines the stated objectives of the reforms.
He further argued that President Bola Tinubu’s administration has normalised debt-financed governance, claiming that borrowing has become a central feature of its fiscal strategy while future generations continue to shoulder the burden.
Describing the policy direction as fiscally irresponsible, Atiku said Nigeria requires leadership that safeguards national resources rather than repeatedly using them as collateral for fresh borrowing.
He called on the Federal Government to publish the full details of the refinancing agreement, including the repayment structure, loan conditions and the volume of crude oil committed under the arrangement.
The former vice president added that Nigerians deserve greater transparency and accountability over public borrowing, particularly where the country’s strategic oil resources are involved.
