Candidate of the African Democratic Congress (ADC) in 2027 presidential election, Alhaji Atiku Abubakar has expressed worry over energy costs and expensive credit facilities, on business environment in Nigeria.
Atiku in a statement his Senior Special Assistant on Public Communication, Phrank Shaibu, regretted that manufacturers are suffocating under high diesel cost of over ₦2,000 per litre.
The former vice president said it is indefensible that at a time when Nigerian factories are spending as much as half of their operating costs simply to keep the lights on, the Federal Government is again looking overseas for more financing without first explaining why vastly improved revenues have failed to reduce its dependence on debt.
He described the proposed Vienna-listed bond arrangement as another disturbing sign of a government that keeps expanding its appetite for borrowing while refusing to give Nigerians a clear account of what has happened to the revenues, subsidy savings and the windfall from higher crude oil prices.
“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 ADC candidate stated.
Atiku noted that manufacturers spent about ₦1.34 trillion on alternative energy in 2025, adding that Manufacturers Association of Nigeria (MAN) said energy-related expenses consume more than half of its members’ operating costs.
“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.
“No economy can industrialise under those conditions,” Atiku said, stating that a manufacturer who spends half of his operating costs on energy will eventually increase the price of his products, cut production, lay off workers or close the factory.
“Whichever option he takes, ordinary Nigerians pay through higher prices, fewer jobs and reduced household income,” he said.
The ADC candidate said Nigerians were 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, but regretted that the people have not been given a 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.
Atiku stated that despite the reported increase in government revenue after the removal of fuel subsidy, the increase in crude oil price, and Federal Government borrowings, there is no steady electricity in many homes, while food is becoming more expensive and the children are struggling.
“If government revenues have increased, if crude oil prices are above budget projections, if subsidy savings are as large as the administration claims, and if allocations to the different tiers of government have risen, then Nigerians deserve a transparent reconciliation showing what has been earned, what has been spent, what has been borrowed and why additional debt continues to be necessary,” he added.
He demands transparency in the Vienna transaction, the bankers and financial advisers involved, “how much is to be raised, in what currency, at what interest rate, for what tenure and through what repayment mechanism.”
