Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused the Tinubu administration of plunging Nigeria deeper into a debt crisis, following revelations that the Federal Government exceeded its approved 2024 borrowing limit by ₦4.79 trillion, raising fresh borrowings to ₦12.62 trillion.
In a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu and made available to The News Chronicle, Atiku said the latest figures exposed what he described as the administration’s “complete loss of control” over the nation’s finances.
He argued that Nigerians were promised that the removal of fuel subsidy, repeated tax increases and other painful economic reforms would reduce borrowing and restore fiscal stability, but said the reality has been the exact opposite.
“Instead, the country is witnessing endless borrowing, ballooning debt and unprecedented waste,” he said.
Citing the Budget Office, Atiku noted that the Federal Government borrowed 61.2 per cent above the limit approved by the National Assembly. He further alleged that an additional ₦3.19 trillion classified as “budget support” was secured despite no such provision in the approved budget and without clear disclosure of its source.
According to him, the latest borrowing is part of a broader pattern of what he described as duplication, opacity and reckless fiscal management under the Tinubu administration.
Atiku accused the government of padding budgets with duplicated allocations, creating “fake agencies,” concealing trillions of naira under the Service Wide Vote, approving extravagant spending on luxury SUVs while key sectors remain neglected, and now exceeding legally approved borrowing limits.
“What exactly is all this borrowing funding?” he asked.
He argued that the funds have not translated into improvements in education, healthcare, security or infrastructure, insisting that Nigerians continue to endure dilapidated schools, underfunded hospitals, worsening insecurity, poor roads and unreliable electricity despite mounting public debt.
“The tragedy is that Nigerians are being forced to service debts whose benefits they cannot see,” he said.
The former vice president also pointed to reports that rising global crude oil prices had generated an estimated ₦7.98 trillion oil windfall for the Federal Government, questioning why borrowing continued despite the additional revenue.
“A government earning windfalls while borrowing recklessly is not suffering from lack of revenue; it is suffering from lack of discipline,” he stated.
He further cited the Budget Office report, which indicated that debt servicing rose to ₦12.36 trillion—more than 52 per cent above the budgeted amount—warning that Nigeria was edging towards a situation where government borrows primarily to repay existing debts.
“This is not economic reform. It is fiscal vandalism,” Atiku declared.
He maintained that no responsible government should burden future generations with unsustainable debt while presiding over wasteful spending, opaque financial practices and an expanding bureaucracy.
Questioning the management of public finances, Atiku asked: “Where is all the money going?”
“When revenues increase, borrowing also increases. When taxes increase, borrowing still increases. When subsidy is removed, borrowing accelerates. When budgets are padded and duplicated, borrowing becomes the answer once again.
“This is not governance. It is a debt addiction.”
The ADC presidential candidate said Nigeria deserves a government that operates within its means, eliminates waste, strengthens transparency, blocks leakages and prioritises productive investments over what he described as an endless cycle of borrowing.
He warned that Nigerians cannot continue paying higher taxes to service mounting debts while leaving future generations saddled with an ever-growing debt burden.
