Former Vice President Atiku Abubakar has 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 record revenues, subsidy savings and the windfall from higher crude oil prices.

Mr Atiku said it was indefensible that, at a time when Nigerian factories were spending as much as half of their operating costs simply to keep the lights on, the Federal Government was again looking overseas for more financing without first explaining why vastly improved revenues failed to reduce its dependence on debt.

In a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, Mr Atiku said the contrast could hardly be more striking: manufacturers are battling diesel prices above ₦2,000 per litre, crippling power costs and expensive credit, while government borrowing continues to rise at home and new financing arrangements are being pursued abroad.

He said, “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.

“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.”

The crisis confronting Nigerian manufacturers provides perhaps the clearest picture of what is wrong with the economy. Diesel has risen to about ₦2,000 per litre and above in some industrial locations, while the Manufacturers Association of Nigeria says energy-related expenses now consume more than half of manufacturers’ operating costs. Manufacturers spent about ₦1.34 trillion on alternative energy in 2025, yet expenditure in the first half of 2026 alone had already approached the same level.

Mr Atiku said, “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. A manufacturer spending half of his operating costs on energy will eventually have to raise prices, 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.

“Yet, at precisely this moment, the Federal Government is looking towards Vienna for another financing arrangement.

“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. 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.

“That is where the problem of transparency becomes impossible to ignore. Nigerians are constantly told that revenues have increased, FAAC allocations have risen, enormous savings have been made from subsidy removal and oil earnings have improved. At the same time, government borrowing continues to grow at an extraordinary rate.

“In the first eight months of 2026 alone, Federal Government borrowing from the domestic market reportedly reached ₦24.7 trillion, compared with ₦12.98 trillion during the corresponding period of 2025. That is an enormous increase in government demand for capital at a time when Nigerian businesses are themselves desperately searching for affordable credit.

“The contradiction becomes even more difficult to explain when crude oil prices are considered. The 2026 budget was prepared on an oil benchmark of $64.85 per barrel, yet crude prices have moved substantially above that level. If oil earnings are exceeding projections, revenues are rising and the government has indeed saved the huge sums it claims from subsidy removal, why is the appetite for borrowing increasing rather than falling?

“The situation can be understood very simply. Imagine a family whose income has increased substantially, whose biggest monthly expense has supposedly been removed and which has also received an unexpected financial windfall. Yet the father continues borrowing from the cooperative, borrowing from the bank and now travels to Vienna to borrow again. Meanwhile, there is no electricity in the house, food is becoming more expensive and the children are struggling. At some point, every member of that family will ask the same question: where is all the money going?

“That is the question Nigerians are asking today.

“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.

“The Vienna transaction therefore cannot be treated as an obscure technical arrangement known only to officials, bankers and financial advisers. Nigerians must know how much is to be raised, in what currency, at what interest rate, for what tenure and through what repayment mechanism. They must also know whether the Federal Government is providing any sovereign guarantee, undertaking any contingent liability or otherwise exposing public finances to obligations that may ultimately fall on taxpayers.

The Tinubu administration has distinguished itself by an alarming recklessness in the management of Nigeria’s public finances, compounded by a disturbing absence of transparency in the reporting of revenues, debt obligations and refinancing arrangements.

Despite repeated demands from credible fiscal watchdogs, civil society and the political opposition for a clear and comprehensive account of the government’s expanding layers of borrowing, refinancing and contingent liabilities, the administration has largely responded with silence and opacity.

“That silence is unacceptable. A government that continually asks Nigerians to tighten their belts, endure higher prices and make painful sacrifices cannot, at the same time, refuse to open its own books. Sacrifice without transparency is not leadership; it is an abuse of public trust. Nigerians cannot be asked to carry the burden of economic hardship while being denied a clear account of how their money is being managed and what debts are being accumulated in their name.

“This demand for openness is particularly important because the consequences of excessive borrowing are already being transmitted to the real economy. When government absorbs enormous amounts of capital from the domestic financial market, manufacturers, farmers and small businesses are forced to compete with the state for increasingly expensive funds.

“The same businesses are simultaneously being forced to generate their own electricity, absorb rising logistics costs and sell to consumers whose purchasing power has been badly weakened. That combination is economically destructive.

“A government cannot continue boasting about rising revenues while factories spend half their operating costs on power. It cannot celebrate subsidy savings while households struggle to afford food and transportation. And it cannot benefit from an oil-price windfall while simultaneously increasing domestic borrowing and searching overseas for additional financing without explaining the arithmetic.

“This is why transparency is no longer optional. Nigerians should not require forensic accountants to collect fragments from different ministries, agencies and financial statements before understanding the condition of their own country’s finances. There should be a clear public trail from revenue to expenditure, from borrowing to projects, from guarantees to liabilities and from higher oil earnings to the public accounts.

“The Federal Government must therefore publish the full architecture of the Vienna transaction and provide Nigerians with a comprehensive reconciliation of its increased revenues, claimed subsidy savings, additional oil receipts and rapidly expanding debt obligations.

“Bola Tinubu must open the books. Nigerians deserve to know what has been earned, what has been borrowed, what has been spent, what has been guaranteed and what obligations are being created in their name.

“The question is no longer complicated: if more money is coming in and even more money is being borrowed, where is the money, and where is the paper trail?”

The African Democratic Congress has condemned the attack on its members in Kaduna State, warning that political thuggery could undermine the 2027 electoral process.

In a statement by its National Publicity Secretary, Bolaji Abdullahi, on Thursday, the ADC said the incident was an unacceptable escalation as political activities ahead of the elections were just beginning.

Tension erupted in Kaduna on Wednesday as suspected thugs attacked supporters of the ADC during a solidarity walk in support of the party’s governorship candidate, Isa Ashiru, in the state capital.

Reacting, the party called on security agencies to identify, arrest and prosecute those behind the attack, while urging the Kaduna State Government to ensure the safety of opposition parties.

The ADC stated, “The African Democratic Congress has condemned the attack on its members in Kaduna State, warning that no individual, group or political party has a monopoly on non-state sanctioned violence, and that those introducing thuggery into the 2027 political process are playing a dangerous game.

“Let nobody mistake our commitment to peaceful democratic participation for weakness. No political party has a monopoly on non-state sanctioned violence. Once violence becomes an accepted instrument of political competition, nobody can predict where it ends.

“This is why the security agencies must act now. Those responsible for the attack, as well as anyone who sponsored or organised it, must be identified, arrested and prosecuted.”


The ADC also expressed solidarity with its governorship candidate, Isa Ashiru, and other members affected by the incident, urging the Kaduna State Government to ensure adequate protection for opposition parties.

It continued, “Kaduna belongs to its people, not to any party. If anyone believes intimidation will frighten the ADC off the political field, they have badly miscalculated.

“We will not be intimidated. We will organise, we will campaign, and we will compete in every part of Kaduna State. The 2027 elections must be decided by ideas competing at the ballot box, not by thugs and bruises.”

The Federal Government has announced that Nigerian students will begin receiving 100 megabytes of free daily data from October 1, 2026, to access approved educational websites and digital learning platforms.

The initiative, being implemented by the Nigerian Communications Commission in partnership with telecommunications operators and the Federal Ministry of Education, will initially cover learners in public senior secondary schools and tertiary institutions.

The Minister of Education, Dr Tunji Alausa, announced the commencement date on Thursday at the launch of the Initiative for Zero-Rated Access to Educational Platforms and Content in Nigeria in Abuja.

“Let me let out the secret. This will be made available to Nigerian students from October 1st, 2026,” Alausa said, acknowledging the contribution of the Association of Licensed Telecommunications Operators of Nigeria to the programme.


Under the framework, participating mobile network operators will provide a daily zero-rated data allowance of 100MB, which beneficiaries can use on approved educational websites and platforms.

Speaking further, Alausa said the initiative would begin with senior secondary school and tertiary institution students before being extended to other categories of learners.

“Our ambition must be that, ultimately, no Nigerian learner should be denied access to quality educational content simply because he or she cannot afford data,” the minister said.


He noted that the cost of internet data had become a major barrier to digital education, particularly for children from low-income households.

According to him, providing access to educational platforms without data charges could transform mobile phones, tablets and computers into classrooms and libraries for students who might otherwise struggle to access digital resources.

The minister also disclosed that the government was working on measures to regulate internet access for children below the age of 16, with further details expected to be announced.

He said educational content made available to children must be “appropriate, credible, safe and aligned with our educational objectives and our curriculum.”

Alausa added, “It will be regulating internet access to children below 16 years old,” saying further announcements would follow on the proposed measure.

The minister said the government was also expanding the digitalisation of the education sector through the Nigeria Education Data Infrastructure, Digital Nigeria Education Management Information System and the Learner Identification Number.

He disclosed that more than 240,000 schools had been geo-mapped and geolocated across the country, while the government was digitising the Annual School Census to obtain information on enrolment, teachers, classrooms, laboratories, libraries, connectivity and school safety.


The NCC Director of Policy, Competition and Economic Analysis, Ayuba Shuaibu, said the Federal Ministry of Education and the commission would jointly approve the educational platforms to be whitelisted under the initiative.

He said eligible platforms would include learning management systems, digital libraries, educational repositories, teacher development platforms, as well as technical and vocational training platforms.

“The framework also adopts the operator’s consult model for the initial rollout of the initiative. Under this model, a daily zero-rated data allowance of 100 MB will be provided by the participating MNOs for usage on approved websites and platforms,” Shuaibu said.

He explained that the scheme would provide zero-rated access to public secondary schools and public tertiary institutions, giving students access to selected learning resources at no cost.

According to him, the framework also requires compliance with telecommunications laws and regulations covering cybersecurity, consumer protection, child protection and data protection. It also contains safeguards on net neutrality, fair competition and inclusivity.

Earlier, the NCC Executive Commissioner for Stakeholder Management, Rimini Makama, said millions of students were unable to access digital learning platforms because of affordability challenges.

She said the initiative was designed to ensure that no learner was excluded from educational content because of location or household income.


“The Zero-Rated Access Initiative exists to erase that line. Its principle is simple: no learner should be shut out of educational content because of where they live or what their family earns,” Makama said.

She explained that the NCC, participating mobile network operators under ALTON, the Federal Ministries of Communications and Education, and other partners carried out research, benchmarking, testing and consultations before developing the framework.

The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, represented by the Director, National Frequency Management Council Secretariat, Adetunji Adeyemo, described the initiative as a significant step towards making digital education more affordable and accessible, particularly to learners in underserved communities.

He pledged the ministry’s continued support for programmes promoting digital inclusion, affordable connectivity and access to knowledge.

In his closing remarks, the NCC Executive Commissioner for Technical Services, Abraham Oshadami, identified MTN Nigeria, Airtel Nigeria and Globacom among the major mobile network operators supporting the programme.

He thanked the operators for their “commitment to support its implementation by providing free data allowances for learners to access approved platforms.”