Atiku Slams Tinubu Over ₦12.62 Trillion Debt, Alleges Fiscal Mismanagement
By The Analyst Online Media | Abuja
ABUJA, Nigeria — Former Vice President and African Democratic Congress (ADC) presidential candidate for the 2027 election, Atiku Abubakar, has accused President Bola Ahmed Tinubu's administration of losing control of Nigeria's public finances following reports that the Federal Government exceeded its approved 2024 borrowing limit by ₦4.79 trillion.
Reacting to figures reportedly released by the Budget Office, Atiku argued that the government's total fresh borrowing of ₦12.62 trillion raises serious concerns about fiscal discipline, transparency, and accountability.
In a statement issued on Tuesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former Vice President said the administration had previously justified the removal of fuel subsidy, multiple tax increases, and other economic reforms as necessary measures to reduce borrowing and stabilize the nation's finances.
According to him, the latest debt figures suggest that those objectives have not been achieved.
Atiku alleged that the Federal Government borrowed 61.2 percent above the amount approved by the National Assembly and further questioned the source of an additional ₦3.19 trillion reportedly classified as "budget support," which he claimed was not provided for in the approved budget.
He further accused the administration of operating what he described as a pattern of fiscal opacity, budget duplication, and wasteful expenditure, arguing that the continued increase in borrowing has not translated into noticeable improvements in critical sectors such as education, healthcare, security, infrastructure, or electricity.
The former Vice President also questioned why the government continued to increase borrowing despite reports of higher oil revenues, noting that the country should be focusing on prudent financial management rather than accumulating additional debt.
He warned that rising debt servicing obligations could place further pressure on public finances and limit resources available for development.
According to Atiku, Nigeria deserves a government that prioritizes transparency, eliminates waste, blocks financial leakages, and channels public resources into productive investments capable of improving citizens' welfare.
The Analyst Perspective
The latest exchange highlights the growing political debate over Nigeria's economic direction ahead of the 2027 general elections. While the opposition argues that rising public debt reflects weak fiscal management, the Federal Government has consistently maintained that its borrowing strategy is intended to finance infrastructure, stimulate economic growth, and support ongoing reforms.
As discussions continue, analysts say Nigerians will closely monitor official fiscal data, debt sustainability indicators, and the tangible impact of government spending on economic development and the quality of life of citizens.
— The Analyst Online Media