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Abuja, FCT – By Prime Brief Media

Former Vice President Atiku Abubakar has raised serious concern over what he described as the “steady depletion” of Nigeria’s external reserves, which fell to $48.37 billion as of 29 April 2026, and urged the federal government to manage the current oil windfall with transparency and fiscal discipline.

In a statement signed by his media adviser Paul Ibe on Sunday, Atiku noted that the reserves stood at over $60billionayearagobuthavesincedeclinedsignificantlywhileglobaloilpriceshavesurged\mathrm{.}Brentcrudeistradingwellabove$110 per barrel, generating what independent analysts estimate could be a windfall of at least ₦5 trillion above budget benchmarks.

“It is troubling that while the nation is receiving an unprecedented revenue boost from high oil prices, our external buffers are shrinking, and the naira remains under persistent pressure. This points to a failure to balance expenditure priorities and a worrying return to the boom-and-bust cycles that have historically weakened our economy,” Atiku said.

The former vice president specifically warned against channelling the oil windfall into what he called “recurrent consumption and opaque expenditures that add no productive value.” He urged the Central Bank of Nigeria and the Ministry of Finance to present a clear plan on how the additional revenues are being sterilised or deployed, and called on the National Assembly to exercise rigorous oversight.

Nigeria’s external reserves have been under pressure from debt service obligations and defence of the naira. Atiku argued that if the current trend continues unchecked, the country could face a balance-of-payments crisis that would affect import capacity and investor confidence.

“This is not a time for triumphalism over oil prices. It is a time for strategic thinking. We must save for the future, invest in infrastructure, and stabilise the currency. The administration must resist the temptation to treat this windfall as free money,” he added.

Prime Brief Media will report on further economic indicators and official responses as they become available.

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