Presidency Dismisses Atiku’s N7.98tn Unaccounted Oil Revenue Claim

The Presidency has refuted claims by former Vice President Atiku Abubakar that the Federal Government failed to account for a N7.98 trillion oil windfall, describing the allegations as “analytically deficient.”

In a statement titled ‘Facts, Not Fear: A Point-by-point Response to Atiku Abubakar On Nigeria’s Reform Journey,’ Special Adviser to the President on Information and Strategy, Bayo Onanuga, challenged Atiku to provide the calculations behind his assertion, clarifying that no such windfall existed.

“Any incremental revenue from higher oil prices is reflected in the monthly FAAC figures,” Onanuga stated, explaining that Atiku’s claim stemmed from a fundamental error of conflating gross crude prices and production volumes with net government revenue.

According to the Presidency, while Brent crude averaged roughly $90 per barrel in the first half of the year exceeding the $64.85 budget benchmark daily production averaged approximately 1.6 million barrels per day (bpd), falling short of the projected 1.84 million bpd. The lower volume partially offset the higher market prices.

The statement emphasized that standard revenue calculations must account for production costs, equity shares of joint-venture operating companies, and contractual obligations rather than simple price-by-volume multiplication.

Defending the administration’s economic performance, the Presidency highlighted several key macroeconomic recovery metrics, noting that following currency adjustments, Nigeria’s dollar-denominated GDP recovered from a low of $253 billion to approximately $377 billion, representing a 49 percent increase. In local currency, GDP expanded from N314 trillion in 2024 to N530 trillion. Additionally, the debt service-to-revenue ratio dropped from nearly 100 percent in December 2022 to below 60 percent.

On inflation, the government noted that headline figures dropped to 14.4 percent in November 2025 before temporarily rising to 15.91 percent due to global supply disruptions, though economic projections indicate a downward trend toward 12 percent by year-end.

Addressing social intervention programs, the government cited the disbursement of N303 billion to over 1.64 million students via the Nigerian Education Loan Fund across 300 tertiary institutions. It also highlighted ongoing targeted relief initiatives, including direct cash transfers to 15 million vulnerable households and $3 billion in ward-centric social safety programs.

The Presidency concluded that structural economic reforms are inherently gradual processes, maintaining that current borrowing remains targeted at productive, long-term infrastructure to expand the nation’s future economic capacity.