Nigeria's foreign reserves dropped by $1.57 billion between March 11 and April 24. In the same period, Nigeria earned a reported N5 trillion oil windfall. Atiku raised this on Sunday. The government hasn't answered it.

Crude prices rose from under $70 a barrel in February to around $101 to $108 driven by the US-Iran conflict. The reserves fell anyway. The CBN's own data shows the depletion. The N5 trillion oil figure is also widely reported.

Atiku's argument, made in a statement through his spokesman on Sunday, is that the CBN has been injecting liquidity into the foreign exchange market to hold the naira stable. Not because the fundamentals support it. To manufacture the appearance of stability. He said defending the naira without fixing productivity, exports, and investor confidence was spending down national savings to sustain an illusion. He is opposition. His statement comes with its own incentives. But the numbers he is pointing to are the CBN's own numbers.

The government has not publicly addressed where the N5 trillion went. There is no breakdown of how the reserve depletion maps against specific FX interventions. A windfall came in, the reserves went down, and the explanation gap between those two facts has not been filled.