By George Omagbemi Sylvester
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused the administration of President Bola Ahmed Tinubu of reckless fiscal management following reports that the Federal Government exceeded its approved 2024 borrowing limit by ₦4.79 trillion, raising total fresh borrowing for the year to ₦12.62 trillion. The criticism was contained in a statement issued by Atiku’s Senior Special Assistant on Public Communication, Phrank Shaibu.
According to Atiku, Nigerians were assured that the removal of fuel subsidy, increased taxes and other economic reforms would reduce borrowing and restore fiscal discipline. Instead, he alleged that the latest figures reveal a pattern of excessive borrowing, budget opacity and poor financial management. Citing figures from the Budget Office, he claimed the Federal Government borrowed 61.2 per cent above the amount approved by the National Assembly and obtained an additional ₦3.19 trillion classified as “budget support” despite no such provision in the approved budget.
The former Vice President questioned what the borrowed funds were being used for, arguing that key sectors such as education, healthcare, infrastructure and security continue to face significant funding challenges despite rising public debt.
He also referenced an estimated ₦7.98 trillion oil revenue windfall, contending that increased revenue should have reduced the government’s dependence on borrowing rather than expanded it.
Atiku further alleged that debt servicing reached ₦12.36 trillion, exceeding budgetary projections by more than 52 per cent, and warned that Nigeria risks becoming trapped in a cycle of borrowing to repay existing debts.
He urged the Federal Government to embrace fiscal discipline, improve transparency, eliminate waste and prioritise productive investments over continued debt accumulation.
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