Oil windfall vanishes, reserves plunge: Atiku Abubakar accuses Nigeria’s government of economic mismanagement

Nigeria’s economic credibility is under intense spotlight after former Vice President Atiku Abubakar delivered a blistering attack on the Federal Government, questioning how a ₦5 trillion oil windfall has failed to prevent a decline in the nation’s foreign reserves.

Atiku described the situation as a “dangerous contradiction,” warning that it exposes deep cracks in fiscal discipline and transparency within Africa’s largest oil-producing economy.

He argued that at a time of strong crude earnings, Nigeria should be building financial buffers—not watching them erode.

The development comes amid mounting pressure on the naira and rising inflation, with millions of Nigerians facing worsening living conditions.

Economists say the disconnect between oil revenues and reserve performance signals possible leakages, mounting debt servicing, or weak policy coordination factors that could undermine investor confidence.

Atiku called for immediate accountability, urging the government to disclose how oil revenues are being allocated and to implement reforms capable of restoring trust in the country’s economic management.

With global markets watching closely, the controversy is rapidly evolving into a broader test of Nigeria’s fiscal integrity, raising urgent questions about whether the country is squandering one of its most critical revenue lifelines.

Key tags: Nigeria oil revenue crisis, foreign reserves decline, economic mismanagement Africa