The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused President Bola Tinubu of losing control of Nigeria’s finances following reports that the Federal Government exceeded its 2024 borrowing limit by N4.79 trillion.

Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, said the government’s latest borrowing, which reportedly rose to N12.62 trillion, contradicts promises that the removal of fuel subsidy, tax reforms and other economic measures would reduce borrowing and restore fiscal discipline.

Citing figures released by the Budget Office, the former vice president noted that the Federal Government borrowed 61.2 per cent above the limit approved by the National Assembly.

According to him, an additional N3.19 trillion classified as “budget support” was also obtained despite not being included in the approved budget, with no clear disclosure of its source.

“President Tinubu has lost control of the nation’s economy,” Atiku said, describing the development as part of what he called a pattern of fiscal mismanagement.

He alleged that the administration had been involved in budget duplication, opaque financial practices, excessive spending and reckless borrowing.

Atiku questioned the purpose of the additional loans, arguing that key sectors such as education, healthcare, security and infrastructure had shown little improvement despite the increasing debt burden.

“What exactly is all this borrowing funding? 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 being killed while security agencies complain of inadequate funding. Certainly not infrastructure, because the roads remain death traps and electricity has become an expensive luxury,” he said.

The former vice president also claimed it was contradictory for the government to continue borrowing despite reports of an estimated N7.98 trillion oil revenue windfall from higher crude oil prices.

He described the situation as “fiscal vandalism,” insisting that no responsible government should continue to accumulate debt while presiding over what he called wasteful spending, opaque financial management and an expanding bureaucracy.

Tinubu Has Lost Control of Nigeria’s Finances – Atiku

Comments (0)