Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s proposed Vienna-listed bond arrangement, describing it as another indication of the Federal Government’s growing reliance on borrowing amid rising energy costs and worsening pressure on Nigerian manufacturers.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku questioned the rationale for seeking fresh financing abroad when increased government revenues have, according to him, failed to reduce the country’s dependence on debt.
He said the situation was particularly troubling at a time when Nigerian manufacturers are spending a significant portion of their operating costs on energy, with diesel prices rising above ₦2,000 per litre in some industrial locations.
“This is the central contradiction Nigerians are entitled to question. 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,” the statement read.
Atiku said the administration should account for existing revenues before seeking additional loans.
“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,” he said.
Manufacturers Under Pressure
Atiku said the difficulties facing Nigerian manufacturers highlight the broader challenges confronting the economy.
According to the statement, diesel prices have climbed to about ₦2,000 per litre or more in some industrial areas, while the Manufacturers Association of Nigeria (MAN) has reported that energy-related expenses now account for more than half of manufacturers’ operating costs.
He further claimed that manufacturers spent approximately ₦1.34 trillion on alternative energy in 2025, while spending in the first half of 2026 had already approached that figure.
“Consider what that means for a factory in Lagos, Kano, Aba or Nnewi. Before the manufacturer pays workers, buys raw materials, transports finished products, services bank loans or makes a profit, a huge part of the operating budget has already disappeared into simply keeping the machines running,” Atiku said.
He added that “no economy can industrialise under those conditions.”
The former vice president warned that manufacturers facing such high energy costs would eventually be forced to increase prices, reduce production, lay off workers or shut down their businesses.
“Whichever option is taken, ordinary Nigerians pay through higher prices, fewer jobs and reduced household income,” he said.
Questions Over Vienna Bond
On the proposed Vienna transaction, the statement said ESME Limited, a special-purpose vehicle involving Nigerian public institutions and Austrian interests, is preparing to issue bonds on the Vienna market to finance investments in Nigeria.
However, Atiku said the Federal Government had yet to provide sufficient details about the proposed arrangement.
He questioned the size of the transaction, the cost of borrowing, repayment terms, the financial structure of the bond and the extent of the Federal Government’s exposure.
Atiku argued that Nigerians deserve full transparency on the proposed financing before the government proceeds with additional borrowing.
The former vice president maintained that the administration should first demonstrate how existing revenues are being utilised and explain why increased earnings have not translated into lower borrowing needs or relief for businesses and households.
