Former Vice President Atiku Abubakar has publicly challenged the Nigerian federal government to account for what he describes as an estimated ₦7.98 trillion in oil revenues, alongside concerns over rising public borrowing.
The political dispute highlights ongoing tensions regarding fiscal transparency and the management of hydrocarbon proceeds in Africa’s largest oil producer.
The allegations come as the International Monetary Fund has previously estimated that significant public expenditures are omitted from official Nigerian budgets.
This discrepancy between reported figures and actual spending raises questions about the country’s fiscal discipline and its ability to manage debt levels amid volatile energy markets.
For investors, the controversy underscores the political risks associated with Nigeria’s energy sector.
Uncertainty over revenue allocation and government spending can impact investor confidence and influence perceptions of creditworthiness.