Atiku Slams FG Over Declining Foreign Reserves Despite ₦5 Trillion Oil Windfall
Atiku Slams FG Over Declining Foreign Reserves Despite ₦5 Trillion Oil Windfall Former Vice President Atiku Abubakar has criticised the Federal Government over what he described as “poor economic management,” warning that Nigeria’s external reserves are falling even as the country records a significant oil revenue windfall. In a statement issued by his media aide, Phrank Shaibu, Atiku said the situation reflects a troubling contradiction in Nigeria’s economic performance.According to the statement, Nigeria’s external reserves dropped to about $48.45 billion as of April 24, down from $48.72 billion the previous week, with a cumulative decline of roughly $1.57 billion since March 11. This decline comes at a time when the country reportedly generated about ₦5 trillion in oil windfall revenue, raising concerns about how the additional earnings are being managed.
Atiku described the mismatch between rising oil revenue and falling reserves as a “dangerous pattern of economic mismanagement,” arguing that it signals deeper structural weaknesses in the economy.
He warned that the Central Bank of Nigeria CBN appears to be drawing down reserves to stabilise the naira, a move he said is unsustainable in the long term. According to him: The former vice president also criticised what he called excessive intervention in the foreign exchange market, saying defending the naira without improving productivity, exports, and investor confidence will only worsen economic pressures. He likened the approach to “pouring water into a basket,” arguing that it does not address the root causes of currency instability.
Atiku further noted that despite increased government revenue from oil, ordinary Nigerians continue to face
- High fuel prices
- Rising transport costs
- Persistent inflation
He said this disconnect between government earnings and citizens’ welfare is “unjust and unsustainable. He urged the government to:
- Deploy oil windfall revenues into targeted relief programmes
- Strengthen domestic refining and infrastructure
- Boost non-oil exports
- Avoid using reserves for short-term fiscal or political needs
Atiku concluded that economic windfalls should be treated as a “test of leadership,” not an opportunity for short-term spending.
Atiku’s warning centres on a perceived contradiction: Nigeria is earning more from oil, yet its foreign reserves are falling. He argues this reflects weak economic management and calls for long-term structural reforms instead of short-term interventions.
