Post by Ibadan Watch (@Ibadanwatch)

Atiku Accuses Tinubu of Losing Control Over Nigeria’s Finances Amid ₦12.62 Trillion Debt Controversy.

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused President Bola Tinubu's administration of fiscal recklessness following reports that the Federal Government exceeded its approved 2024 borrowing limit by ₦4.79 trillion, raising total fresh borrowing to ₦12.62 trillion.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the latest figures demonstrated that the Tinubu administration had lost control of the nation's finances despite earlier assurances that the removal of fuel subsidy, tax reforms and other economic measures would reduce borrowing and improve fiscal stability.

According to Atiku, the government has instead embarked on what he described as a pattern of excessive borrowing, budget duplication, opaque financial practices and wasteful spending, leaving Nigerians to shoulder an ever-growing debt burden without corresponding improvements in public services.

Citing figures from the Budget Office, Atiku said the Federal Government borrowed 61.2 percent above the amount approved by the National Assembly. He further alleged that an additional ₦3.19 trillion was obtained as "budget support" despite no such provision appearing in the approved budget, raising questions about transparency and accountability.

Atiku argued that the increased borrowing has not translated into meaningful investments in critical sectors. He said education remains underfunded, healthcare facilities continue to struggle, insecurity persists across many parts of the country, while infrastructure & electricity services have shown little improvement despite the growing debt profile.

Atiku also questioned why the government continued to accumulate debt despite reports that higher global crude oil prices had generated an estimated ₦7.98 trillion oil revenue windfall. According to him, the contradiction suggests that the challenge facing the government is not revenue generation but fiscal discipline and prudent management of public resources.

He further pointed to Budget Office figures indicating that debt servicing reached ₦12.36 trillion, exceeding budget estimates by more than 52 percent. Atiku warned that Nigeria risks becoming trapped in a cycle where new loans are obtained primarily to service existing debt, a situation he described as unsustainable.

Atiku maintained that Nigeria requires a government committed to fiscal responsibility, transparency & efficient use of public resources. He said reducing waste, blocking revenue leakages & prioritising productive investments over continuous borrowing would place the country on a more sustainable economic path.

Atiku concluded by urging Nigerians to demand greater accountability from the govt, arguing that future generations should not inherit mounting debts without corresponding national development.

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