Former Vice President, Atiku Abubakar, has expressed concern over what he described as "stark and troubling realities" in Nigeria's economy, citing the simultaneous decline in external reserves and the reported ₦5 trillion oil windfall.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the contradiction of dwindling reserves amid rising oil earnings reflects a dangerous pattern of economic mismanagement.
According to him, Nigeria's external reserves dropped to $48.45 billion as of April 24, down from $48.72 billion the previous week, representing a cumulative depletion of about $1.57 billion since March 11.
He argued that the persistent decline signals that the Central Bank of Nigeria (CBN) may be aggressively injecting liquidity to defend the naira, warning that such a strategy is unsustainable.
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"This is not stability--it is a fragile illusion sustained by burning through national savings," Atiku said, noting that defending the currency without addressing structural issues such as low productivity, weak exports, and declining investor confidence is ineffective.
He likened the approach to "pouring water into a basket," stressing that economic fundamentals, rather than artificial interventions, should underpin currency stability.
The former presidential candidate also described as alarming the fact that the reported oil windfall--driven largely by external geopolitical developments--is occurring at a time when Nigerians are facing severe economic hardship.
He noted that rising fuel prices, increased transportation costs, and high inflation continue to weigh heavily on citizens despite the surge in government revenue.
"This paradox is both unjust and unsustainable," he said.
Atiku issued two key warnings to the federal government, urging that the oil windfall must not be spent on recurrent expenditure or political patronage, but rather deployed to provide targeted relief for Nigerians.
He recommended structured interventions to cushion the impact of fuel price increases, stabilise food supply chains, and support vulnerable populations.
Secondly, he called on the government to abandon what he termed the "reckless defence" of the naira through reserve depletion and instead channel resources into long-term economic strengthening.
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He emphasised the need for investments in domestic refining capacity, critical infrastructure, and policies that promote non-oil exports and restore investor confidence.
"The naira cannot be defended by force; it must be strengthened by fundamentals," he stated.
Atiku further warned that windfalls serve as a test of leadership, revealing whether a government is committed to sustainable development or short-term political gains.
He added that Nigeria's external reserves should not be treated as a "political war chest," nor should increased oil revenue justify fiscal indiscipline.
"Nigerians deserve honesty, discipline, and foresight--not illusion, waste, and economic brinkmanship," the statement added.
