Atiku Abubakar Slams Tinubu Administration Over Excessive Borrowing

Former Nigerian Vice President Atiku Abubakar has sharply criticized the administration of President Bola Tinubu, accusing it of losing control of the nation's public finances. Abubakar's remarks follow a report indicating that the Federal Government borrowed significantly more than the 2024 fiscal year limit approved by the National Assembly.

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Nigerians were promised that the painful removal of fuel subsidy, repeated tax hikes and other harsh economic measures would reduce borrowing and restore fiscal stability. Instead, the country is witnessing the exact opposite: endless borrowing, ballooning debt and unprecedented waste.

The report revealed that the government exceeded its approved borrowing ceiling by ₦4.79tn, bringing the total fresh borrowing to ₦12.62tn. Abubakar described this as a clear pattern of "fiscal recklessness, opacity and waste" under the current administration. He reminded Nigerians of the promises made that economic reforms, including the removal of fuel subsidies and increased taxation, would reduce borrowing and stabilize the country's finances. However, he argued that the opposite has occurred, with endless borrowing and ballooning debt.

Citing figures from the Budget Office, Abubakar noted that the Federal Government borrowed 61.2 percent above the amount authorized by the National Assembly. He also raised concerns about an additional ₦3.19tn reportedly obtained as "budget support," despite no provision for such borrowing in the approved budget. Abubakar characterized this as part of a broader trend of financial mismanagement, stating, "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."

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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.

Further accusations leveled against the administration include operating duplicated budgets, concealing significant expenditures under the Service Wide Vote, creating "fake agencies," and approving extravagant spending on luxury vehicles while essential sectors remain underfunded. Abubakar lamented that Nigerians are burdened with servicing debts whose benefits are not visible in improvements to education, healthcare, security, or infrastructure.

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The tragedy is that Nigerians are being forced to service debts whose benefits they cannot see.