Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the Bola Tinubu administration over the Federal Government’s 2024 borrowing, alleging that it exceeded the limit approved by the National Assembly and reflected poor fiscal management.
Atiku’s reaction followed reports indicating that the Federal Government borrowed ₦12.62tn during the 2024 fiscal year, surpassing the borrowing ceiling authorised by lawmakers by ₦4.79tn.
In a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice president argued that the figures highlighted what he described as persistent fiscal indiscipline, lack of transparency and waste under the current administration.
He recalled that Nigerians had been assured that the removal of fuel subsidy, higher taxes and other economic reforms would strengthen public finances and reduce the country’s reliance on borrowing.
However, he said the latest borrowing figures suggested those expectations had not been met.
“Nigerians were promised that the painful removal of fuel subsidy, repeated tax hikes and other harsh economic measures would reduce borrowing and restore fiscal stability.
Instead, the country is witnessing the exact opposite: endless borrowing, ballooning debt and unprecedented waste,” the statement read in part.
Referencing data from the Budget Office, Atiku said the Federal Government borrowed 61.2 per cent above the amount approved by the National Assembly.
He also questioned the source of an additional ₦3.19tn reportedly obtained as budget support despite the absence of any such provision in the approved budget.
According to him, the development reflects a wider trend of financial mismanagement.
“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,” he stated.
The former vice president further accused the administration of operating duplicated budgets, concealing significant expenditures through the Service Wide Vote, establishing what he termed “fake agencies,” and approving luxury vehicle purchases while key sectors continued to face inadequate funding.
He also questioned the impact of the borrowed funds, arguing that there was little evidence they had translated into improvements in education, healthcare, security or infrastructure.
“The tragedy is that Nigerians are being forced to service debts whose benefits they cannot see,” he said.
Atiku further cited reports that rising international crude oil prices had generated an estimated ₦7.98tn oil revenue windfall for the Federal Government, arguing that such earnings should ordinarily have reduced the country’s dependence on borrowing.
“A government earning windfalls while borrowing recklessly is not suffering from lack of revenue; it is suffering from lack of discipline,” Atiku declared.
He also expressed concern over the growing cost of servicing Nigeria’s debt, noting that the Budget Office report showed debt servicing rose to ₦12.36tn, exceeding the budgeted figure by more than 52 per cent.
The former vice president warned that the country was edging towards a situation where new loans would primarily be used to settle existing debts.
“This is not economic reform. It is fiscal vandalism,” he added.
Atiku maintained that Nigeria required a government committed to fiscal discipline, accountability and prudent management of public resources instead of what he described as an endless borrowing cycle.
He said an ADC-led government would focus on blocking financial leakages, eliminating waste and directing public funds into productive investments capable of driving economic growth and improving citizens’ welfare.
“The Nigerian people cannot continue paying today’s taxes to service yesterday’s loans while tomorrow’s generations inherit only debt,” the statement added.
The statement followed a report by The PUNCH, citing figures from the Budget Office, which showed that the Federal Government’s 2024 borrowing exceeded the National Assembly’s approved limit by ₦4.79tn, bringing total fresh borrowing to ₦12.62tn.
The report also indicated that debt servicing surpassed budget projections, renewing concerns over Nigeria’s growing debt burden and the sustainability of its fiscal strategy amid ongoing economic reforms, including fuel subsidy removal and tax measures introduced by the Tinubu administration.
While opposition parties have continued to criticise the government’s borrowing policy, the Federal Government has maintained that the loans are necessary to fund infrastructure projects, support economic reforms and meet key budgetary obligations.