The Digest:
Former Vice President Atiku Abubakar has raised the alarm over the continued decline in Nigeria's external reserves, which dropped to $48.37 billion as of April 29, 2026, according to CBN data, despite a huge N5 trillion oil windfall from the Middle East crisis. In a statement by his spokesperson, Phrank Shaibu, on Sunday, Atiku described the contradiction as "a dangerous pattern of economic mismanagement" under President Bola Tinubu's administration. He warned that the windfall must not be squandered on recurrent expenditure or political patronage but deployed for targeted relief and long-term economic strength.
Key Points:
- Nigeria's reserves are bleeding even as oil prices surge above $100 per barrel.
- Atiku warns that defending the naira by depleting reserves is unsustainable.
- The windfall must fund domestic refining, infrastructure, and non-oil exports.
- Atiku calls for targeted relief to cushion fuel price hikes and stabilise food supply.
- He describes windfalls as "tests of leadership" that reveal true priorities.
Sources: Daily Post , Channels Tv, Vanguard
