By Jelili Gbadamosi
Atiku Abubakar, Former Vice President has questioned the Federal Government’s decision to pursue a Vienna-listed bond amid rising energy costs and reports of factory closures across Nigeria.
Atiku, the presidential candidate of the African Democratic Congress, ADC, made his position known in a statement by his spokesperson, Phrank Shaibu, on Thursday.
He accused the administration of President Bola Ahmed Tinubu of prioritising fresh borrowing instead of addressing the energy crisis confronting manufacturers and other businesses.
Atiku argued that the government should first account for increased revenues, savings from fuel subsidy removal and higher crude oil prices before seeking additional financing abroad.
He said the reported increase in diesel prices, which he claimed had reached about N2,000 per litre, was putting further pressure on manufacturers already struggling with high operating costs.
According to him, Nigerian factories are spending a significant portion of their operating expenses on energy, making it increasingly difficult for businesses to remain competitive.
Atiku said manufacturers faced with such costs would be forced to increase prices, reduce production, lay off workers or shut down completely, with the consequences ultimately affecting consumers and households.
“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.
The former Vice President questioned why the administration was seeking additional funds in Vienna when, according to him, it had not adequately explained how existing revenues and savings 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,” Atiku said.
He maintained that Nigeria could not achieve meaningful industrialisation while manufacturers continued to devote a substantial share of their resources to powering their operations.
Atiku also argued that the proposed Vienna transaction should not be treated as a purely technical financial arrangement, insisting that Nigerians deserve transparency over the government’s borrowing plans and the use of public revenues.
