Atiku Slams Tinubu Over N12.62tn Borrowing, Says President Has Lost Control of Nigeria’s Finances

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

Atiku made the allegation in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, where he argued that the administration’s fiscal policies have failed to deliver the stability Nigerians were promised.

He recalled that the removal of fuel subsidy, multiple tax increases and other economic reforms were presented as necessary steps to reduce borrowing and strengthen public finances. However, he said the country is now grappling with rising debt, continued borrowing and what he described as wasteful government spending.

Citing figures from the Budget Office, Atiku noted that the Federal Government borrowed 61.2 percent above the amount 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 provided for in the approved budget.

“President Tinubu has lost control of the nation’s economy,” Atiku said. “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.”

The former vice president further alleged that the administration has been linked to budget duplication, the creation of questionable government agencies, opaque spending through the Service Wide Vote and excessive expenditure on luxury vehicles while critical sectors continue to struggle.

He questioned what the government’s increasing debt burden was funding, arguing that key sectors such as education, healthcare, security and infrastructure have shown little improvement despite the continued borrowing.

“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.

Atiku also pointed to reports that rising global crude oil prices had generated an estimated N7.98 trillion oil windfall for the Federal Government, arguing that the administration should have reduced borrowing instead of accumulating more debt.

Describing the situation as “fiscal vandalism,” the ADC presidential candidate maintained that no responsible government should continue mortgaging the country’s future through excessive borrowing while presiding over what he called wasteful spending, poor transparency and an expanding bureaucracy.