Atiku slams Tinubu over borrowing

Former vice president and presidential candidate of the African Democratic Congress, Atiku Abubakar, on Wednesday accused President Bola Tinubu’s administration of losing control of Nigeria’s public finances following a report that the Federal Government borrowed far above the limit approved by the National Assembly in the 2024 fiscal year.

Atiku said the latest figures, which showed that the Federal Government exceeded its approved borrowing ceiling by ₦4.79tn, pushing total fresh borrowing to ₦12.62tn, underscored what he described as a pattern of fiscal recklessness, opacity and waste under the current administration.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice president said Nigerians were 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 occurred.

According to him, the latest borrowing figures demonstrate that the government’s economic policies have failed to achieve their stated objectives.

“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. Instead, the country is witnessing the exact opposite: endless borrowing, ballooning debt and unprecedented waste,” the statement read in part.

Citing figures from the Budget Office, Atiku noted that the Federal Government borrowed 61.2 per cent above the amount authorised by the National Assembly. He also questioned the source of an additional ₦3.19tn reportedly obtained as “budget support,” despite there being no provision for such borrowing in the approved appropriation.

He described the development as part of a broader pattern of financial mismanagement.

“This is not an isolated incident. It fits into a disturbing pattern that has become the defining signature of the Tinubu administration: duplication, opacity and reckless fiscal management,” he stated.

The ADC chieftain further accused the administration of operating duplicated budgets, concealing huge expenditures under the Service Wide Vote, creating what he described as “fake agencies,” and approving extravagant spending on luxury vehicles while critical sectors remained underfunded.

Questioning the impact of the borrowings, Atiku argued that there was little evidence that the funds had translated into improvements in education, healthcare, security or infrastructure.

“The tragedy is that Nigerians are being forced to service debts whose benefits they cannot see,” he said.

He also pointed to reports that higher international crude oil prices had generated an estimated ₦7.98tn oil revenue windfall for the Federal Government, arguing that increased earnings should ordinarily have reduced the country’s dependence on borrowing.

“A government earning windfalls while borrowing recklessly is not suffering from lack of revenue; it is suffering from lack of discipline,” Atiku declared.

The former vice president also expressed concern over the country’s rising debt servicing obligations, noting that the Budget Office report showed debt servicing reached ₦12.36tn, exceeding budgetary projections by more than 52 per cent.

He warned that Nigeria was approaching a dangerous fiscal position where government borrowing would primarily be used to repay existing debts.

“This is not economic reform. It is fiscal vandalism,” he added.

He further maintained that Nigeria required a government committed to fiscal discipline, transparency and prudent management of public resources rather than what he described as an endless cycle of borrowing.

He said an ADC-led would prioritise blocking financial leakages, eliminating waste and directing public funds toward productive investments capable of stimulating economic growth and improving citizens’ welfare.

“The Nigerian people cannot continue paying today’s taxes to service yesterday’s loans while tomorrow’s generations inherit only debt,” the statement added.

The statement followed a report by The PidomNigeria citing the Budget Office indicating 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 indicated that debt servicing surpassed budget estimates, reigniting debate over Nigeria’s rising debt profile and the sustainability of the country’s 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.