Atiku Blasts Tinubu Over ₦12.62 Trillion Borrowing, Says Government Has Lost Fiscal Control

Former Vice President Atiku Abubakar has criticized the Federal Government over reports that it exceeded its approved 2024 borrowing limit, describing the development as evidence that President Bola Tinubu’s administration has lost control of Nigeria’s public finances.

In a statement released by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku reacted to reports that the Federal Government borrowed ₦12.62 trillion in 2024—about ₦4.79 trillion above the amount approved by the National Assembly.

According to him, Nigerians were assured that difficult economic policies, including the removal of fuel subsidy and increased taxation, would reduce borrowing and restore fiscal discipline. Instead, he argued, the country’s debt profile has continued to grow.

Atiku also referenced figures from the Budget Office, which reportedly showed that government borrowing exceeded the approved limit by 61.2 percent. He further questioned the reported ₦3.19 trillion obtained as “budget support,” claiming it was not included in the approved budget and lacked clear disclosure regarding its source.

He alleged that the latest borrowing reflects a broader pattern of poor financial management, accusing the administration of budget duplication, lack of transparency and excessive public spending.

According to the former vice president, despite increased government revenue, many key sectors continue to struggle.

He argued that the additional borrowing has not translated into noticeable improvements in education, healthcare, security or infrastructure, saying many schools remain poorly equipped, hospitals are underfunded and road infrastructure continues to deteriorate.

Atiku also pointed to reports that Nigeria benefited from an estimated ₦7.98 trillion oil revenue windfall due to higher crude oil prices, questioning why the government continued to increase borrowing despite improved earnings.

He further expressed concern over the country’s rising debt servicing costs, noting that reports indicate debt repayments reached approximately ₦12.36 trillion, significantly above budget projections.

According to him, the growing debt burden risks placing Nigeria in a situation where government borrowing is primarily used to repay existing loans rather than finance development.

The former presidential candidate called for greater fiscal discipline, improved transparency and prudent management of public resources.

He said Nigeria needs a government that reduces waste, blocks revenue leakages and invests available resources in projects that directly improve the lives of citizens rather than relying heavily on borrowing.

Atiku maintained that future generations should not be left to shoulder growing national debt without corresponding improvements in infrastructure, public services and economic opportunities.