LAGOS, Nigeria — Former Vice President of Nigeria, Atiku Abubakar, accused the administration of President Bola Tinubu of mortgaging the country’s crude oil earnings through undisclosed financing arrangements on Monday, August 3, 2026.
Golden Info reports that Phrank Shaibu, Senior Special Assistant on Public Communication to Abubakar, released a statement asserting that the Presidency confirmed these financial commitments while attempting to defend its economic record.
“In attempting to rebut our position, the Presidency inadvertently strengthened it. It admitted that despite higher international crude oil prices, Nigerians cannot fully benefit because substantial volumes of the nation’s crude have already been committed under crude-backed financing arrangements,” Shaibu said.
Abubakar requested the Federal Government of Nigeria publicly identify the individuals who authorized the transactions, the exact number of pledged crude barrels, the repayment terms, the total revenue received, the projects financed, and the counterparties involved. “These are not political questions; they are constitutional questions about transparency and accountability,” he said.
The former Vice President connected his demand for oil revenue disclosure to the government’s earlier removal of the national fuel subsidy, stating the administration cannot claim success in eliminating the subsidy while attributing missing oil revenues to obligations created by previous subsidy financing. “That contradiction speaks louder than any press statement,” he said.