Atiku Abubakar criticizes Nigeria's proposed Vienna-listed bond

Former Vice-President Atiku Abubakar has criticized the Nigerian federal government’s plan to establish a bond vehicle on the Vienna Stock Exchange. The proposed arrangement, known as the Esme bond, aims to raise capital to finance foreign companies—specifically those in green technology, textiles, pharmaceuticals, and agriculture—investing in Nigerian projects.

Atiku questioned why the government is seeking additional foreign financing despite reported increases in national revenue, windfall from higher crude oil prices, and savings from fuel subsidy removals. He argued that the administration must account for existing revenues before pursuing new debt.

The criticism comes amid a severe crisis for domestic manufacturers. According to the Manufacturers Association of Nigeria, energy-related expenses now constitute more than half of operating costs. Diesel prices have exceeded ₦2,000 per litre in some areas, and manufacturers reportedly spent approximately ₦1.34 trillion on alternative energy in 2025.