Atiku Slams Tinubu Over ₦12.62trn Debt, Says Government Has Lost Financial Control

Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused the President Bola Tinubu administration of losing control of Nigeria’s finances following reports that the federal government exceeded its approved 2024 borrowing limit by ₦4.79 trillion.

Atiku described the development as evidence of what he called “reckless fiscal management,” alleging that the government had abandoned the promises it made to Nigerians after implementing difficult economic reforms.

In a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice president said the Federal Government’s fresh borrowing had risen to ₦12.62 trillion, despite assurances that the removal of fuel subsidy, tax increases and other fiscal measures would reduce dependence on debt.

According to him, figures released by the Budget Office showed that the Federal Government borrowed 61.2 per cent above the limit approved by the National Assembly. He further claimed that an additional ₦3.19 trillion was obtained as “budget support” even though no such provision existed in the 2024 Appropriation Act.

Atiku alleged that the latest borrowing was part of a broader pattern of fiscal opacity and waste under the current administration.

He accused the government of creating duplicate agencies, padding budgets, concealing large sums under the Service Wide Vote and approving what he described as excessive spending on luxury vehicles while key sectors of the economy remained underfunded.

Questioning the utilisation of the borrowed funds, the former vice president argued that there had been little improvement in education, healthcare, security or infrastructure despite the country’s rising debt profile.

“Certainly not education, where children continue to learn under deplorable conditions. Certainly not healthcare, where hospitals remain underfunded. Certainly not security, where innocent Nigerians are massacred while security agencies complain of inadequate funding,” the statement read.

He also contended that deteriorating roads and persistent electricity challenges contradicted the scale of government borrowing.

Atiku further expressed concern over what he described as a contradiction in the government’s fiscal policy, noting that the federal government recently benefited from an estimated ₦7.98 trillion oil revenue windfall resulting from high crude oil prices.

He argued that rather than reducing borrowing in light of improved revenues, the government had continued to accumulate debt.

According to the former vice president, the Budget Office report also showed that debt servicing reached ₦12.36 trillion, exceeding the approved provision by more than 52 per cent.

He warned that Nigeria was approaching a situation where government borrowing would primarily be used to repay existing debts.

“This is not economic reform. It is fiscal vandalism,” Atiku said, adding that no responsible government should burden future generations with debt while presiding over what he termed wasteful spending and opaque financial practices.

The ADC presidential candidate urged Nigerians to demand accountability over the management of public finances, asking, “Where is all the money going?”

He maintained that increasing revenues, higher taxes and the removal of fuel subsidy had failed to reduce government borrowing, describing the trend as evidence of a “debt addiction.”

Atiku said the ADC remained committed to prudent fiscal management, promising a government that would cut waste, improve transparency, block revenue leakages and prioritise productive investments over excessive borrowing.

He added that Nigerians should not continue bearing the burden of servicing debts without seeing corresponding improvements in public services and infrastructure.