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Show evidence of your claim, Presidency faults Atiku’s N7.98trn oil windfall allegation

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The presidency has faulted claim by
former Vice-President Atiku Abubakar that the Federal Government earned a N7.98 trillion oil windfall under the current administration, asking him to provide evidence to support the allegation.

Bayo Onanuga, special adviser on information and strategy to the president, in a statement issued on Sunday, described Atiku’s economic analysis “deficient” and challenged the former vice-president to substantiate his claims.

The presidency’s rebuttal comes in the wake of Atiku’s recent criticism of the Federal Government’s continued domestic borrowing despite what he described as “higher-than-expected” oil revenues.

In an earlier statement issued by Phrank Shaibu, his senior special assistant on public communication, Atiku said President Bola Tinubu administration’s economic management was “contradictory, opaque, and bereft of fiscal discipline”.

The former vice-president claimed that at an average production of 1.5 million barrels per day, Nigeria earned an estimated $42.7 million in additional revenue daily, amounting to about $5.76 billion, or approximately N7.98 trillion, between March 1 and July 14.

He argued that despite the revenue, the Federal Government raised about N5 trillion from the domestic bond market in the first half of 2026, representing nearly 80 percent of the amount borrowed during the corresponding period in 2025.

According to him, such aggressive borrowing would only be justified if government revenues had declined.

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Rejecting the claims, Onanuga said Atiku’s economic analysis was deficient, insisting that “there is no such windfall of N7.98 trillion”.

“Former Vice President Atiku Abubakar, in his typical pastime, has accused the administration of President Bola Ahmed Tinubu of fiscal recklessness, citing excess borrowing in the 2024 budget, questioning the removal of fuel subsidy, criticising tax reforms, concocting an oil windfall of N7.98 trillion, and suggesting that Nigeria is drifting economically,” the statement reads.

He said any incremental revenue from higher oil prices is reflected in the monthly FAAC figures.

He added that while the average Brent crude price for the first half of 2026 was around $90, compared with the $64.85 benchmark, average daily production fell short at about 1.6 million barrels per day against the projected 1.84 million barrels per day.

According to him, the production shortfall partly offset the price premium, while some crude volumes had already been pledged for loans used to finance the fuel subsidy that had since been removed.

“The convenient mistake many analysts make is to multiply the oil price by the daily crude production volume to determine revenue to the government. Such analyses ignore the cost of production, the share of crude belonging to the oil-producing companies and the impact of crude sale contracts such as forward contracts designed to hedge against price volatility,” Onanuga said.

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“Atiku will do well to show the workings for his N7.98 trillion oil windfall.”

He also faulted Atiku for relying on what it described as outdated economic arguments.

“It is curious that in the middle of 2026, the opposition’s principal economic argument remains anchored to developments in the 2024 fiscal year,” he stated.

“Economies are dynamic. Reforms are processes, not events. Judging a reform programme solely by its earliest and most painful phase is like judging chemotherapy by the nausea it induces while ignoring the remission it seeks to achieve.”

Onanuga said the Nigerian economy had evolved significantly since the exchange-rate reset, with dollar-denominated GDP rising from about $253 billion to approximately $377 billion, while naira GDP increased from about N314 trillion in 2024 to around N530 trillion.

According to the presidential spokesperson, the reforms were never presented as painless but as necessary structural adjustments intended to correct long-standing distortions.

He also dismissed the claim that Nigeria has “over-borrowed”, arguing that the country’s revenue-to-GDP ratio remains among the lowest globally, limiting the government’s ability to fund public services without borrowing.

He added that recent reforms have begun to improve revenue mobilisation, broaden the tax base, reduce leakages, and strengthen public financial management.

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“The debt debate should, therefore, examine not only how much Nigeria borrows but also whether the country’s capacity to generate and manage revenue continues to improve,” he said.

“At a mere 40% debt-to-GDP ratio and less than 60% debt service-to-revenue ratio (improving), the argument of overborrowing is alarmist and does not stick.”

The development comes amid an escalating war of words between the presidency and Atiku, the African Democratic Congress (ADC) presidential candidate for the 2027 elections.

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In recent weeks, Atiku has repeatedly criticised of Tinubu’s government and its economic reforms.

In his latest remarks, Atiku faulted the presidency for attacking John Onaiyekan, cardinal and former archbishop of Abuja, insteading of addressing concerns raised by the Catholic Bishops’ Conference of Nigeria (CBCN) about the state of the nation during a recent meeting with Tinubu at the State House in Abuja.

Responding to Onaiyekan’s remarks, Daniel Bwala, special adviser to the president on communication, said the cardinal’s comments did not represent the views of all Christians.

However, Atiku said the duty of Catholic bishops is not to flatter those in power, adding that the CBCN has always spoken truth to power.

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Good morning! Nigerian Newspapers Headlines: 2027: S’West ADC leaders revolt against Atiku

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1. Many leaders of the African Democratic Congress in the South-West have expressed dissatisfaction with what they described as the marginalisation of the party’s structure in the region by the ADC presidential candidate, Atiku Abubakar, ahead of the 2027 presidential election.

The ADC leaders, including some state chairmen and governorship candidates, alleged that Atiku had been conducting his political activities in the region through his friends and allies, while leaving the party structure sidelined as presidential campaign activities prepared to gather momentum.

2. A United States federal court has rejected an attempt to obtain discovery from President Bola Ahmed Tinubu and DCI Group in an ongoing Freedom of Information Act (FOIA) lawsuit involving the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA). 

3. The Zamfara State Commissioner of Police, CP Muhammad Bello, has confirmed the “rescue of three of the six Islamic clerics kidnapped on September 12 while travelling to Talata Mafara, Zamfara State.” Bello gave the confirmation in an interview with select reporters in Gusau. He said the rescue followed a multi-agency collaboration and seamless synergy between the Office of the National Security Adviser, ONSA, the Department of State Services, DSS, and police operatives.

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4. The Grand Patron of the PBAT Door-to-Door Movement, Chief Government Ekpemupolo, popularly known as Tompolo, Osun State Governor, Ademola Adeleke, and the Minister of Marine and Blue Economy, Adegboyega Oyetola, have set a target of at least 1.5 million votes for President Bola Tinubu in the 2027 presidential election. According to a statement, the target was announced on Saturday in Osogbo during the inauguration of the movement’s state and local government structures.

5. Nigerians lose no less than N75bn annually to visa application expenses across foreign missions, with rejected Schengen visa applications alone accounting for an estimated €11.5m, equivalent to about N19bn in 2025.
This is according to a visa-cost analysis report obtained by Sunday PUNCH from the Ministry of Foreign Affairs

6. With one accord, the governors of Enugu, Imo, Ebonyi, and Anambra States yesterday urged the people of the Southeast to avoid political distractions, and vote massively for President Bola Tinubu in next year’s presidential election. Governors Peter Mbah, Hope Uzodimma, Francis Nwifuru and Charles Soludo, said it was necessary for the zone to support Tinubu’s re-election bid to enable him consolidate the gains of his administration’s economic reforms

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7. Former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, has said Nigeria’s security challenges predate the administration of President Bola Tinubu, noting that terrorism, insurgency and banditry had been entrenched in the country before 2023 when Tinubu assumed office. He said the country’s security problems were rooted in years of porous borders, illegal arms proliferation, youth unemployment and the spread of extremist ideologies.

8. Minister of the Federal Capital Territory, FCT, Mr Nyesom Wike has directed supporters of President Bola Tinubu to deliver their polling unit in the forthcoming 2027 general elections. Addressing the supporters, Wike framed the upcoming general elections as a critical opportunity for residents of the nation’s capital to rectify past electoral missteps and unite under a strategic development banner.

9. The Independent National Electoral Commission, INEC, has removed the name of the Kano State governorship candidate of the National Democratic Congress, NDC, Aminu Abdussalam Gwarzo, from its updated list of candidates for the 2027 general elections. A check on the commission’s website shows that the names of Gwarzo and his deputy were conspicuously missing from the updated list.

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10. Four young men have been arrested by the Bauchi State Police Command for allegedly abducting and gang-raping a 12-year-old girl in Sakwa District, Zaki Local Government Area of the state. The suspects were arrested following a complaint by the victim’s 50-year-old father, who reported the incident at the Sakwa Divisional Police Headquarters on Thursday.

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Wale Tinubu, Rabiu, others Join President Tinubu in Makkah for Umrah

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The Group Chief Executive Oando Plc, Jubril Adewale Tinubu; Chairman of BUA Group, Abdul Samad Rabiu, and several other Nigerian business mogul have joined President Bola Ahmed Tinubu in Makkah, Saudi Arabia, for the performance of Umrah, the lesser Islamic pilgrimage.

The presence of the prominent Nigerian business leaders alongside the President in the holy city has drawn attention, bringing together three influential figures from Nigeria’s political and business communities in a moment of religious observance.

Tinubu and Rabiu, both prominent names in Nigeria’s corporate landscape, were seen alongside the President dressed in the traditional white Ihram garments worn by Muslim pilgrims performing Umrah.

Umrah, unlike the obligatory Hajj pilgrimage, can be undertaken at any time of the year. It involves a series of religious rites in Makkah and holds profound spiritual significance for Muslims across the world.

For the Nigerian business community, the appearance of the corporate leaders alongside the President also offers a glimpse into the intersection of faith, business and public life, particularly when influential figures come together outside the usual settings of boardrooms, corporate engagements and official functions.

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The development comes as President Tinubu undertook the pilgrimage to seek divine guidance and offer prayers for Nigeria’s peace, unity, stability and progress.

According to the Presidency, the President performed the Umrah rites early Friday, October 30, at the Grand Mosque, Masjid al-Haram, where he circumambulated the Holy Ka’abah.

Speaking after completing the spiritual exercise, Tinubu described the pilgrimage as significant, linking it to his commitment to Nigeria and its people. He also expressed gratitude to Allah for the opportunity to pray for the country.

The President’s prayers reportedly centre on national harmony, security, economic prosperity and the need for Nigerians to live together peacefully.

Rabiu also used the occasion to express his hopes for the country, describing it as an honour to accompany the President on the spiritual journey. He prayed for lasting peace, unity and prosperity in Nigeria.

For Tinubu, whose Oando Group occupies a prominent position in Nigeria’s energy industry, the journey offered a departure from the familiar world of corporate leadership and business engagements. Rabiu, similarly, is a major player in the country’s industrial sector, with interests spanning manufacturing, cement and food production.

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Their appearance in Makkah alongside the President underscores the presence of leading figures from Nigeria’s private sector at an important spiritual moment for the country’s leader.

Umrah, often described as the lesser pilgrimage, is a significant act of worship in Islam. Unlike Hajj, which takes place during a specific period in the Islamic calendar, Umrah can be performed throughout the year.

President Tinubu is expected to return to Nigeria next week after completing his spiritual engagements in Saudi Arabia.

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Atiku’s son Abba Abubakar promises to deliver Adamawa for Tinubu

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Abba Abubakar, son of former Vice-President Atiku Abubakar, has promised to deliver Adamawa, his father’s state, for President Bola Tinubu in the 2027 elections.

He spoke on Friday at the All Progressives Congress (APC) national secretariat in Abuja during the Haske Bola Tinubu Organisation (HBTO) unveiling and the launch of its subsidised public transportation support scheme.

Abubakar, HBTO founder, said his decision to back Tinubu is not an attempt to antagonise his father, the African Democratic Congress (ADC) presidential candidate.

“I recognise that political decisions, particularly those that differ from the positions of individuals with whom one shares personal and family relationships, often attract considerable public attention,” he said.

“However, political conviction is a matter of personal judgment, conscience, and the freedom of every individual to make independent choices.

“My decision to establish and lead the HBTO is a deliberate political choice made with a firm belief in the direction we have chosen.”

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He said democracy is strengthened when individuals can make independent political choices, engage in constructive dialogue, and support the leadership and political platforms they believe best represent their aspirations.

“It is within this spirit that HBTO was established,” he said.

He commended the economic reforms introduced by the Tinubu administration, citing the Nigerian Education Loan Fund (NELFUND), national infrastructure investments, increased statutory allocations to state governments, and transport support schemes as some of the key social intervention programmes.

Asked whether he would ensure the president gets maximum votes in Adamawa, Abubakar said: “Yes, yes, yes. We are going to deliver Adamawa state.”

He, however, said his decision should not be seen as a betrayal of his family ties or his father’s political aspiration.

“I’ve always supported my father since I started acting in politics, and I supported him because of what he has done for the country,” he said.

“But I believe that whenever a government comes out with policies that will help the people, I will join them.

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“It’s not just because it’s my father. I don’t think I am antagonising him; I simply believe in the current government’s policies and the reforms taking place.”

Abubakar joined the APC in January 2026, vowing to mobilise support for Tinubu’s re-election.

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