Atiku faults Tinubu’s Vienna bond plan amid rising energy costs

Former Vice President Atiku Abubakar has faulted President Bola Tinubu’s proposed Vienna-listed bond arrangement, describing it as a disturbing sign of an administration expanding its borrowing appetite while diesel prices above ₦2,000 per litre and crippling energy costs affect Nigerian factories.

In a statement issued by Phrank Shaibu, Atiku questioned why the government is looking overseas for more financing without explaining why improved revenues have failed to reduce debt dependence, noting that factories are spending half of their operating costs simply to keep the lights on.

The statement highlighted that manufacturers in locations like Lagos, Kano, Aba, or Nnewi face severe energy burdens, with the Manufacturers Association of Nigeria MAN stating that energy-related expenses consume more than half of operating costs. Manufacturers spent about ₦1.34 trillion on alternative energy in 2025, while expenditure in the first half of 2026 approached the same level.

Regarding the Vienna transaction, the statement noted that ESME Limited is preparing to issue bonds on the Vienna market to finance investments in Nigeria. However, Atiku said Nigerians have not been given a clear picture of the financial structure, transaction size, borrowing cost, repayment terms, or the extent of Federal Government exposure.

He called on President Tinubu to publish the full architecture of the Vienna transaction and provide a comprehensive reconciliation of increased revenues, claimed subsidy savings, additional oil receipts, and rapidly expanding debt obligations.