Former Vice President Atiku Abubakar has called on the Federal Government to provide a full account of revenues and spending before proceeding with a proposed Vienna-listed bond arrangement.
Reacting on Thursday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said Nigerians deserved clarity on how improved revenues, subsidy savings and higher oil prices are being applied, given the continued rise in government borrowing.
Atiku noted reports that ESME Limited, a special-purpose vehicle involving Nigerian public institutions and Austrian interests, is preparing to issue bonds on the Vienna market to finance investments in Nigeria.
He said details of the transaction, such as the size, cost of borrowing, tenure, currency and repayment structure, have not been made public, and called for disclosure of whether there will be any sovereign guarantee or contingent liability.
“Before the Federal Government proceeds to Vienna for additional financing, it should first explain to Nigerians what has happened to the revenues already coming in,” he said.
Atiku drew attention to the operating environment for manufacturers.
He cited data indicating that diesel prices have risen to about ₦2,000 per litre in some industrial locations, and that the Manufacturers Association of Nigeria has reported energy-related expenses accounting for a significant portion of operating costs.
He also noted that manufacturers spent about ₦1.34 trillion on alternative energy in 2025, with expenditure in the first half of 2026 already approaching that level.
“When a large share of operating costs goes to power, businesses face pressure to raise prices, reduce output, or adjust workforce levels. The impact is felt by consumers through prices and by households through jobs and income,” he said.
Atiku said the government has reported higher FAAC allocations, savings from subsidy removal, and oil earnings above the 2026 budget benchmark of $64.85 per barrel. At the same time, domestic borrowing has increased.
According to figures cited in the statement, Federal Government borrowing from the domestic market in the first eight months of 2026 was reported at ₦24.7 trillion, compared with ₦12.98 trillion in the same period of 2025.
“If revenues have increased, if oil prices are above budget projections, and if subsidy savings have been realised, then there should be a clear reconciliation showing earnings, expenditure, borrowing and the reasons for additional financing,” Atiku said.
The presidential candidate of the African Democratic Congress (ADC) urged the government to publish the full structure of the proposed Vienna transaction and to provide a comprehensive report linking revenue inflows to expenditure, borrowing, guarantees and projects.
“Transparency is essential for public trust. Nigerians should not have to piece together information from different sources to understand public finances. There should be a clear public trail from revenue to expenditure, from borrowing to projects, and from guarantees to liabilities,” he stated.
Atiku added that large government borrowing from domestic markets can affect the cost and availability of credit for manufacturers, farmers and small businesses, especially at a time when businesses are also managing higher energy and logistics costs.
“The focus should be on ensuring that increased revenue translates to lower production costs, improved infrastructure, debt management, and better living standards for citizens,” he said.