Former Vice President Atiku Abubakar has accused President Bola Tinubu’s administration of losing control of Nigeria’s public finances following reports that the Federal Government exceeded its approved 2024 borrowing limit by N4.79 trillion.
Mr Abubakar, the presidential candidate of the African Democratic Congress, ADC, said the government’s fresh borrowing rose to N12.62 trillion, representing a significant breach of the limit approved by the National Assembly and raising fresh concerns over fiscal discipline, transparency and the country’s growing debt burden.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice president said the development contradicted the assurances that the removal of petrol subsidy, increased taxation and other economic reforms would reduce government borrowing and restore fiscal stability.
According to him, rather than easing the country’s debt burden, the policies had been followed by continued borrowing, rising debt obligations and what he described as wasteful public expenditure.
Mr Abubakar cited figures attributed to the Budget Office, which indicated that the Federal Government borrowed 61.2 per cent above the amount approved by the National Assembly.
He also raised concerns over an additional N3.19 trillion reportedly classified as “budget support,” despite the absence of a corresponding provision in the approved budget.
The former vice president questioned the source and utilisation of the funds, accusing the administration of operating without sufficient transparency and accountability.
“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,” the statement said.
Mr Abubakar alleged that the borrowing figures were part of a wider pattern of financial mismanagement, citing reports of duplicated budgetary allocations, questionable government agencies, opaque expenditures under the Service Wide Vote and large allocations for official vehicles.
“This is the same government that has been caught creating fake agencies, padding budgets with duplicated allocations, hiding trillions under the mysterious Service Wide Vote, allocating obscene sums for luxury SUVs while critical sectors gasp for survival, and now borrowing far beyond the limits approved by law,” he said.
The ADC presidential candidate questioned the impact of the government’s borrowings on key sectors, including education, healthcare, security, infrastructure and electricity.
He argued that many Nigerians had yet to see improvements in public services that could justify the scale of the government’s borrowing.
“What exactly is all this borrowing funding?” he asked.
“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.
“Certainly not infrastructure, because the roads remain death traps and electricity has become an expensive luxury.”
Mr Abubakar said Nigerians were being compelled to bear the cost of servicing loans whose benefits, he argued, were not evident in the quality of public services or infrastructure across the country.
He also cited reports that high crude oil prices had generated an estimated N7.98 trillion oil revenue windfall for the Federal Government, arguing that increased revenue should have reduced the government’s dependence on borrowing.
According to him, the continued accumulation of debt despite higher revenues suggested a failure of fiscal discipline rather than a shortage of government income.
