Former vice president Atiku Abubakar has accused President Bola Tinubu’s administration of losing control of Nigeria’s public finances, following revelations that the Federal Government borrowed far above the limit approved by the National Assembly in the 2024 fiscal year.
Citing data from the Budget Office, Atiku said the government exceeded its authorised borrowing ceiling by about ₦4.79tn, pushing total fresh borrowing to roughly ₦12.62tn. He described the development as evidence of what he called a deepening culture of fiscal recklessness, opacity and waste under the current administration.
In a statement issued by his media aide, Phrank Shaibu, the former vice president recalled that Nigerians were promised that the removal of fuel subsidy, a raft of new taxes and other painful reforms would curb borrowing and stabilise public finances. Instead, he argued, the country is facing “endless borrowing, ballooning debt and unprecedented waste.”
Atiku noted that the reported borrowing represents about 61 per cent above what lawmakers approved, and questioned the source and legality of an additional ₦3.19tn listed as “budget support,” which he said had no clear backing in the appropriation law.
He alleged that the borrowing spree fits into a broader pattern of financial mismanagement, accusing the administration of running duplicated budgets, hiding huge expenditures under the Service Wide Vote, creating “fake agencies” and approving lavish spending on luxury vehicles while critical sectors such as health, education and security remain underfunded.
According to him, there is little evidence that the mounting debts have translated into tangible improvements in public services or infrastructure. “The tragedy is that Nigerians are being forced to service debts whose benefits they cannot see,” he said.
Atiku also pointed to reports that higher international oil prices have delivered an estimated multi-trillion-naira windfall to the Federal Government. He argued that such increased earnings should have reduced the need for borrowing, not fuelled it. “A government earning windfalls while borrowing recklessly is not suffering from lack of revenue; it is suffering from lack of discipline,” he declared.
Expressing concern over rising debt servicing costs, he warned that Nigeria is edging toward a point where new loans are taken largely to repay old ones, a situation he branded “fiscal vandalism.”
Atiku maintained that Nigeria needs an administration committed to fiscal discipline, transparency and prudent management of public resources, insisting that his party would prioritise blocking leakages, cutting waste and channelling funds into productive investments that can drive growth and improve citizens’ welfare.
