The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused President Bola Tinubu of losing control of Nigeria’s finances following reports that the Federal Government exceeded its approved 2024 borrowing limit by N4.79 trillion.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former Vice President said the government’s latest borrowing figures expose what he described as reckless fiscal management and a failure to deliver on promises of economic reform.
According to Atiku, Nigerians were assured that the removal of fuel subsidy, tax increases, and other economic measures would reduce borrowing and restore fiscal stability. Instead, he argued, the country is witnessing rising debt, excessive borrowing, and wasteful spending.
His comments followed a disclosure by the Budget Office that the Federal Government borrowed N12.62 trillion in 2024—about 61.2 percent above the limit approved by the National Assembly.
Atiku further alleged that an additional N3.19 trillion classified as “budget support” was obtained despite not being included in the approved budget, raising concerns over transparency and accountability.
“This is not an isolated incident,” he said. “It reflects a disturbing pattern of duplication, opacity, and reckless fiscal management that has become the hallmark of the Tinubu administration.”
The former Vice President also accused the government of creating duplicate agencies, padding budgets with repeated allocations, concealing trillions of naira under the Service Wide Vote, and approving what he described as excessive spending on luxury vehicles while key sectors remain underfunded.
Questioning the purpose of the mounting debt, Atiku argued that the additional borrowing has not translated into improvements in education, healthcare, security, infrastructure, or electricity supply.
He also pointed to reports that rising global crude oil prices had generated an estimated N7.98 trillion oil windfall for the Federal Government, saying the continued reliance on borrowing despite the increased revenue reflects poor fiscal discipline rather than a shortage of funds.
Describing the situation as “fiscal vandalism,” Atiku maintained that no responsible government should continue to accumulate debt while presiding over what he called wasteful spending, opaque financial practices, and an expanding bureaucracy.
The Federal Government has yet to respond to Atiku’s latest remarks.
Comments