The presidential candidate of the African Democratic Congress in the 2023 election and former Vice President, Atiku Abubakar, on Wednesday accused President Bola Tinubu's administration of losing control of Nigeria's finances following reports that the Federal Government exceeded its 2024 borrowing limit.
Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, alleged that the Federal Government borrowed ₦12.62tn in 2024, exceeding the National Assembly's approved borrowing limit by ₦4.79tn.
He said the development contradicted the Federal Government's justification for removing fuel subsidy, increasing taxes and implementing other economic reforms, which he said were presented as measures to reduce borrowing and improve fiscal stability.
According to him, figures released by the Budget Office showed that the government borrowed 61.2 per cent above the approved limit and also obtained an additional ₦3.19tn classified as budget support despite the absence of such provision in the approved budget.
The former Vice President described the situation as part of what he called a recurring pattern of fiscal opacity, budget duplication and reckless financial management under the current administration.
He questioned what the borrowings were being used for, arguing that key sectors such as education, healthcare, security and infrastructure had not witnessed commensurate improvements despite the rising debt profile.
"The tragedy is that Nigerians are being forced to service debts whose benefits they cannot see," Atiku said.
He also expressed concern that despite an estimated ₦7.98tn oil revenue windfall from higher crude oil prices, the government continued to accumulate fresh debt instead of reducing its borrowing.
Atiku further cited the Budget Office report, claiming that debt servicing rose to ₦12.36tn, exceeding budgetary projections by more than 52 per cent, warning that Nigeria risked becoming a country that borrows mainly to repay existing loans.
He described the trend as "fiscal vandalism" rather than economic reform, insisting that no responsible government should burden future generations with mounting debt while tolerating wasteful spending and poor financial transparency.
The ADC standard-bearer called for prudent management of public resources, urging the Federal Government to cut waste, improve transparency, block revenue leakages and prioritise productive investments over continued borrowing.
He maintained that Nigerians deserved a government that would live within its means instead of relying on what he described as an endless cycle of debt accumulation.
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