Vienna-listed Bond: Account For Subsidy Removal Windfall Before Seeking More Loans, Atiku Tells Tinubu

Former Vice President Atiku Abubakar has challenged President Bola Tinubu’s administration to account for increased government revenues, savings from fuel subsidy removal and higher crude oil earnings before seeking additional financing through a proposed Vienna-listed bond.

Atiku, in a statement issued yesterday by his senior special assistant on Public Communication, Phrank Shaibu, questioned why the federal government’s borrowing appetite continues to grow despite what the administration says are substantial improvements in revenue and savings from subsidy reforms.

He said the proposed bond arrangement raises fresh questions about the management of Nigeria’s public finances, particularly at a time when manufacturers are grappling with soaring energy costs and expensive credit.

“This is the central contradiction Nigerians are entitled to question. The 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,” Atiku said.

“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 pointed to the worsening operating environment for Nigerian manufacturers as evidence of a disconnect between increased public revenues and conditions in the real economy.

According to the statement, diesel prices have risen to about ₦2,000 per litre or more in some industrial locations, while energy-related expenses now account for more than half of manufacturers’ operating costs.

The statement also cited manufacturers’ spending on alternative energy, putting expenditure at about ₦1.34 trillion in 2025 and saying spending during the first half of 2026 had already approached that level.

Atiku said the burden was making it increasingly difficult for businesses to remain competitive.

“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,” he said.

“No economy can industrialise under those conditions.”

He warned that manufacturers facing such costs would ultimately be forced to raise prices, cut production, lay off workers, or shut down, with the consequences eventually borne by households.

Questions Over Vienna Bond

Atiku also demanded greater disclosure over the proposed Vienna-listed bond involving ESME Limited, which the statement described as a special-purpose vehicle involving Nigerian public institutions and Austrian interests.

He said Nigerians should be provided with details of the proposed transaction, including the amount to be raised, borrowing costs, repayment terms, tenure, currency denomination and the extent of the Federal Government’s financial exposure.

“We are told that 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,” the statement said.

“But Nigerians have not been given a sufficiently clear picture of the financial structure, the size of the proposed transaction, the cost of borrowing, the repayment terms or the extent of the Nigerian government’s exposure.”