Former Vice President Atiku Abubakar has demanded an explanation from the Federal Government over its plan to raise funds through a Vienna-listed bond amid growing concerns over rising energy costs and factory closures in Nigeria.
Atiku, the presidential candidate of the African Democratic Congress (ADC), said the government must account for increased revenues, savings from the removal of fuel subsidy and higher crude oil prices before seeking additional borrowing.
He made the demand in a statement issued by his spokesperson, Phrank Shaibu, on Thursday.
According to Atiku, the decision to pursue fresh borrowing was difficult to reconcile with the administration’s claims of improved government revenues and increased earnings from crude oil.
He argued that instead of seeking more funds abroad, the government should explain how existing revenues and savings were being deployed, particularly as manufacturers continue to struggle with rising operational costs.
Atiku said the situation had been worsened by the reported increase in diesel prices to about N2,000 per litre, warning that the development could further threaten businesses and jobs.
He said manufacturers were being forced to commit a significant portion of their operating expenses to energy, making production increasingly expensive and reducing the competitiveness of Nigerian businesses.
The former Vice President warned that manufacturers facing mounting costs could respond by increasing prices, cutting production, laying off workers or shutting down their operations entirely.
“This is the central contradiction Nigerians are entitled to question. The government says revenues are up. It says subsidy removal has saved enormous sums. Oil prices are substantially above the benchmark used for the 2026 budget. Yet borrowing is accelerating, factories are suffocating under energy costs, and ordinary Nigerians are still struggling to afford the basics,” he said.
Atiku questioned the rationale for seeking additional financing in Vienna when the government had yet to, in his view, adequately explain how revenues already accruing to the country were being utilised.
“Before the Tinubu administration goes to Vienna in search of more money, it must first tell Nigerians what has happened to the money already coming in,” he said.
He maintained that Nigeria’s industrialisation efforts would remain under pressure unless the government addressed the high cost of powering factories and other productive businesses.
Atiku further called for greater transparency around the proposed Vienna transaction, arguing that the borrowing plan should not be viewed merely as a technical financial arrangement but as a matter requiring public scrutiny.
