Atiku Accuses Tinubu of Losing Control of Nigeria’s Finances Over N12.62 Trillion Borrowing

Former Vice President and African Democratic Congress (ADC) presidential candidate Atiku Abubakar has accused President Bola Ahmed Tinubu of mismanaging Nigeria’s finances following reports that the Federal Government exceeded its approved 2024 borrowing limit by N4.79 trillion, bringing total fresh borrowing to N12.62 trillion.

Atiku made the remarks in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, describing the latest borrowing figures as evidence that the Tinubu administration has lost control of the country’s fiscal management.

Citing figures released by the Budget Office, the former vice president noted that the Federal Government borrowed 61.2 per cent above the limit approved by the National Assembly. He also questioned the source of an additional N3.19 trillion reportedly obtained as “budget support,” alleging that the expenditure was not included in the approved 2024 budget.

“President Tinubu has lost control of the nation’s economy,” Atiku said, arguing that the administration has embraced excessive borrowing despite earlier assurances that difficult economic reforms would restore fiscal discipline.

The former presidential candidate recalled that Nigerians were told the removal of fuel subsidy, tax increases and other economic reforms would reduce government borrowing and improve fiscal stability. Instead, he claimed the country is witnessing rising debt, increased borrowing and what he described as wasteful public spending.

Atiku further alleged that the administration has been associated with duplicated budget allocations, opaque financial practices, questionable expenditures under the Service Wide Vote and excessive spending on luxury vehicles while key sectors continue to struggle.

According to him, the continued borrowing has not translated into visible improvements in education, healthcare, security or infrastructure, questioning what the additional debt is being used to finance.

“What exactly is all this borrowing funding? Certainly not education, where children continue to learn under deplorable conditions. Certainly not healthcare, where hospitals remain underfunded. Certainly not security, where innocent Nigerians are massacred while security agencies complain of inadequate funding,” he stated.

The former vice president also referenced reports that higher global crude oil prices had generated an estimated N7.98 trillion oil windfall for the Federal Government. He argued that a government benefiting from increased oil revenue should be reducing its reliance on borrowing rather than accumulating additional debt.

Describing the situation as “fiscal vandalism,” Atiku maintained that no responsible government should continue expanding the nation’s debt burden while presiding over what he called wasteful spending and poor financial transparency.