Former Vice-President Atiku Abubakar has alleged that the Federal Government breached its approved borrowing limit for the 2024 fiscal year, accusing the administration of President Bola Tinubu of deepening Nigeria's debt burden through excessive borrowing and poor fiscal management.
In a statement released on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, the African Democratic Congress (ADC) presidential candidate claimed that Budget Office figures showed the government borrowed ₦12.62 trillion in 2024—about ₦4.79 trillion above the amount approved by the National Assembly.
He further alleged that the government secured an additional ₦3.19 trillion under the category of "budget support," despite there being no provision for such expenditure in the approved budget.
According to Atiku, the figures undermine the Federal Government's earlier assurances that the removal of fuel subsidy, tax reforms and other economic measures would reduce the country's dependence on borrowing and improve fiscal sustainability.
The former vice-president described the development as evidence of what he termed a pattern of financial indiscipline, budget opacity and wasteful spending.
He argued that despite the huge borrowings, there had been little improvement in key sectors such as education, healthcare, security and infrastructure.
Atiku questioned the impact of the loans on the lives of ordinary Nigerians, noting that public schools and hospitals remain poorly funded, insecurity persists across many parts of the country and critical infrastructure continues to deteriorate.
He also contended that the government had little justification for the level of borrowing, citing what he described as an estimated ₦7.98 trillion windfall from higher global crude oil prices.
The former vice-president further alleged that debt servicing rose to ₦12.36 trillion, exceeding the amount appropriated in the budget by more than 52 per cent.
He warned that the country's growing debt profile could place an unsustainable burden on future generations if urgent fiscal reforms were not implemented.
"The Nigerian people cannot continue paying today's taxes to service yesterday's loans while tomorrow's generations inherit only debt," he said.
Atiku called on the Federal Government to adopt prudent financial management by reducing waste, strengthening transparency, plugging revenue leakages and investing public resources in productive sectors capable of driving economic growth instead of relying heavily on borrowing.
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