Atiku Warns: Forex Reserves Fall Despite N5 Trillion Oil Windfall

Former Vice President Atiku Abubakar has questioned why Nigeria’s external reserves dropped to $48.37 billion by the end of April even after a N5 trillion oil windfall from the Middle East crisis. Atiku said this trend shows economic mismanagement under the current administration. He warned that draining reserves to defend the naira without boosting productivity and exports is unsustainable. He urged the government to use the windfall for targeted relief—stabilising fuel prices, shoring up food supply chains and helping vulnerable Nigerians. He also called for investments in domestic refining, infrastructure and non-oil exports to strengthen the economy over the long term. Atiku stressed that windfalls test leadership. He said Nigeria needs honesty and foresight, not illusions and waste.

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