12.62tn Borrowing Scandal: Alleges Fiscal Mismanagement
Former Vice President and Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused the administration of President Bola Tinubu of losing control of the nation’s finances following reports that the Federal Government exceeded its approved 2024 borrowing limit by ₦4.79 trillion.
In a statement issued through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the Federal Government’s total borrowing had risen to ₦12.62 trillion, describing the development as evidence of what he termed reckless fiscal management and growing debt dependence.
Citing figures from the Budget Office, the former vice president alleged that the government borrowed about 61.2 percent above the amount approved by the National Assembly.
He also questioned the source of an additional ₦3.19 trillion reportedly obtained as “budget support,” despite no such provision being contained in the approved budget.
Atiku argued that the latest borrowing figures contradict earlier assurances that the removal of fuel subsidy, tax reforms, and other economic measures would reduce government borrowing and restore fiscal stability.
According to him, rather than improving the country’s financial position, the administration has continued to expand public debt while increasing taxes and introducing austerity measures.
He further alleged that the government has been plagued by budget duplication, lack of transparency, wasteful spending, and questionable financial practices, insisting that the increasing debt burden has not translated into visible improvements in critical sectors such as education, healthcare, security, power, and road infrastructure.
The ADC presidential candidate also expressed concern over reports that debt servicing consumed ₦12.36 trillion, exceeding budgetary projections by more than 52 percent, warning that Nigeria risks borrowing primarily to repay existing debts.
He maintained that the country’s rising crude oil earnings should have reduced the need for additional borrowing, arguing that continued debt accumulation despite improved revenues points to poor fiscal discipline rather than revenue shortages.
Atiku called for greater transparency and accountability in public finance management, insisting that Nigerians deserve a government that curbs waste, blocks financial leakages, prioritizes productive investments, and manages public resources responsibly.
He added that future generations should not be burdened with mounting debts arising from what he described as avoidable fiscal mismanagement.
