Atiku Abubakar, a former vice president and African Democratic Congress presidential candidate, accused President Bola Tinubu’s administration of losing control over Nigeria’s public finances.
On Wednesday after it was revealed that the Federal Government borrowed significantly more than the National Assembly had authorized for the 2024 fiscal year.
According to Atiku, the most recent data, which revealed that the Federal Government borrowed ₦4.79 trillion more than its authorized limit.
Bringing the total amount of new borrowing to ₦12.62 trillion, highlighted what he called a pattern of fiscal recklessness, waste, and opacity under the current administration.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice president said Nigerians had been assured that the removal of fuel subsidy, increased taxation and other economic reforms would reduce borrowing and stabilise the country’s finances, but argued that the opposite had happened.
According to him, the latest borrowing figures show that government‘s economic policies have failed to achieve their stated objectives.
He noted that Nigerians were promised that the painful removal of fuel subsidy, repeated tax hikes and other harsh economic measures would reduce borrowing and restore fiscal stability, yet the country was instead witnessing endless borrowing, ballooning debt and unprecedented waste.
Citing figures from the Budget Office, Atiku noted that the Federal Government had borrowed 61.2 per cent above the amount authorised by the National Assembly, while also questioning the source of an additional ₦3.19tn reportedly obtained as “budget support,” despite no provision for such borrowing existing in the approved appropriation.
He described the situation as part of a broader pattern of financial mismanagement, stating that it was not an isolated incident but fit into a disturbing pattern that had become the defining signature of the Tinubu administration, marked by duplication, opacity and reckless fiscal management.
The ADC chieftain further accused the administration of running duplicated budgets, concealing huge expenditure under the Service Wide Vote, creating what he termed “fake agencies,” and approving extravagant spending on luxury vehicles while critical sectors remained underfunded.
Questioning the real impact of the borrowings, Atiku argued that there was little evidence the funds had translated into improvements in education, healthcare, security or infrastructure, describing it as tragic that Nigerians were being forced to service debts whose benefits they could not see.
He also referenced reports that higher international crude oil prices had generated an estimated ₦7.98tn oil revenue windfall for the Federal Government, arguing that such increased earnings should ordinarily have reduced the country’s dependence on borrowing.
Declaring that a government earning windfalls while still borrowing recklessly was not suffering from a lack of revenue but from a lack of discipline.
The former vice president also raised concern over the country’s rising debt servicing obligations, noting that the Budget Office report showed debt servicing had reached ₦12.36tn, exceeding budgetary projections by more than 52 per cent.
He warned that Nigeria was drifting toward a dangerous fiscal position where government borrowing would primarily serve to repay existing debts, describing the trend not as economic reform but as fiscal vandalism.
He maintained that Nigeria needed a government committed to fiscal discipline, transparency and prudent management of public resources rather than what he called an endless cycle of borrowing.
Adding that an ADC-led government would prioritise blocking financial leakages, eliminating waste and channelling public funds into productive investments capable of stimulating economic growth and improving citizens’ welfare.
He stressed that Nigerians could not continue paying today’s taxes to service yesterday’s loans while tomorrow’s generations inherit nothing but debt.
The statement followed an earlier report citing the Budget Office, which indicated that the Federal Government’s 2024 borrowing exceeded the amount approved by the National Assembly by ₦4.79tn, raising total fresh borrowing to ₦12.62tn.
The report also noted that debt servicing had surpassed budget estimates, reigniting debate over Nigeria’s rising debt profile and the sustainability of its fiscal strategy amid ongoing economic reforms, including the removal of fuel subsidy and tax measures introduced by the Tinubu administration.
Opposition parties have continued to question the government’s borrowing policy, while the Federal Government has maintained that the loans are necessary to finance infrastructure, support reforms and meet critical budget obligations.
