Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticised the Federal Government over reports that it exceeded its 2024 borrowing limit by ₦4.79 trillion, describing the development as evidence of what he called a worsening fiscal crisis under the administration of President Bola Tinubu.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the government’s continued resort to borrowing contradicts earlier assurances that the removal of fuel subsidy, tax increases and other economic reforms would reduce debt and restore fiscal stability.
Citing figures from the Budget Office, the former vice president alleged that the Federal Government borrowed ₦12.62 trillion in 2024, representing 61.2 per cent above the borrowing limit approved by the National Assembly.
He also questioned the source of an additional ₦3.19 trillion reportedly obtained as “budget support,” claiming there was no provision for such borrowing in the approved budget.
Atiku argued that the development reflects what he described as a broader pattern of poor fiscal management, alleging that the current administration has been characterised by budget duplication, opaque financial practices, excessive spending and an expanding bureaucracy.
He questioned the impact of the borrowings on critical sectors, saying improvements remain absent in education, healthcare, security and infrastructure despite the rising debt profile.
According to him, Nigerians are being burdened with servicing debts without seeing corresponding benefits in public services or national development.
The ADC presidential candidate also pointed to reports that higher global crude oil prices had generated an estimated ₦7.98 trillion in additional oil revenue for the Federal Government, arguing that such windfalls should have reduced the need for further borrowing rather than increasing it.
He further referenced Budget Office figures indicating that debt servicing reached ₦12.36 trillion, exceeding budgetary projections by more than 52 per cent, warning that Nigeria risks becoming an economy where new borrowings are largely used to repay existing debts.
Describing the situation as “fiscal vandalism,” Atiku maintained that responsible governance requires prudent management of public finances, greater transparency, elimination of waste and investment in productive sectors instead of accumulating debt.
He called on Nigerians to demand accountability over government spending and urged the Federal Government to adopt policies that reduce waste, block financial leakages and ensure that public resources are deployed for sustainable economic growth rather than what he described as an endless cycle of borrowing
