“Mortgaged Future: Atiku Demands Full Disclosure of Tinubu’s Secret Crude Oil Deals”

In a fiery exchange that has reignited debates over Nigeria’s economic transparency, former Vice President Atiku Abubakar has thrown down the gauntlet, demanding that President Bola Tinubu’s administration fully disclose the terms of crude oil-backed financing deals that he claims are mortgaging the nation’s future earnings.

The controversy began when the Presidency attempted to defend its economic record—but according to Atiku’s camp, that defense only confirmed their worst fears.

Phrank Shaibu, Atiku’s Senior Special Assistant on Public Communication, released a statement Monday arguing that the Presidency’s response inadvertently validated their concerns rather than dispelling them.

“In attempting to rebut our position, the Presidency inadvertently strengthened it,” Shaibu stated. “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.”

Atiku, who also serves as the presidential candidate of the African Democratic Congress (ADC), didn’t mince words. He framed the admission as an “indictment rather than a defence,” arguing that if Nigeria’s future oil earnings are already encumbered, the administration has simply replaced one fiscal burden with another.

The former Vice President has posed pointed questions that he insists demand public answers:

· Who authorized these transactions?
· How many barrels of crude have been pledged?
· What are the repayment terms?
· How much revenue has been received so far?
· Which specific projects did the funds finance?
· Who are the counterparties to these deals?

“These are not political questions; they are constitutional questions about transparency and accountability,” Atiku declared.

Perhaps most damning is the link Atiku draws between these undisclosed oil deals and the administration’s removal of fuel subsidies. He argues that the Presidency cannot simultaneously celebrate eliminating subsidies while explaining away missing oil revenues by pointing to obligations created by that very subsidy financing.

“That contradiction speaks louder than any press statement,” he said.

Atiku’s message is clear: transparency, not propaganda, remains the true test of fiscal responsibility. A government unwilling to disclose the terms of its crude-backed borrowing, he argues, has no moral authority to lecture Nigerians on prudence.

As Nigerians grapple with rising costs and economic uncertainty, these questions about who is benefiting from the nation’s oil wealth—and at what cost—are unlikely to fade from public discourse.

The ball is now in the Presidency’s court. Will they answer the questions, or will they continue to leave Nigerians in the dark about the deals being made with their future?