Tinubu borrowed N12.6trn in 2024, exceeded approved limit by N4.8trn – Atiku

Tinubu borrowed N12.6trn in 2024, exceeded approved limit by N4.8trn – Atiku

The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused President Bola Tinubu of borrowing N12.62 trillion in 2024, above what was approved by the National Assembly.

He said that Tinubu’s borrowed in excess of N4.79 trillion above the amount authorised by the national assembly.

In a statement issued on Wednesday by Phrank Shaibu, his senior special assistant on public communication, Atiku also said figures from the Budget Office showed that the government secured  additional N3.19 trillion classified as “budget support” despite the absence of such a provision in the approved budget.

He said the development contradicted the administration’s promise that the removal of fuel subsidy, tax increases and other economic reforms would reduce borrowing and restore fiscal stability.

“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,” the statement reads.

Atiku accused the administration of wasteful spending, budget duplication, and poor financial transparency, questioning what the borrowed funds were used for.

“What exactly is all this borrowing funding? Certainly not education, where children continue to learn under deplorable conditions,” he said.

“Certainly not healthcare, where hospitals remain underfunded. Certainly not security, where innocent Nigerians are massacred while security agencies complain of inadequate funding.

“Certainly not infrastructure, because the roads remain death traps and electricity has become an expensive luxury.”

The former vice-president also questioned why the government continued to borrow despite what he described as an estimated N7.98 trillion oil revenue windfall from higher crude oil prices.

He further cited the Budget Office report as showing that debt servicing rose to N12.36 trillion, exceeding the budget by more than 52 percent.

“The Nigerian people cannot continue paying today’s taxes to service yesterday’s loans while tomorrow’s generations inherit only debt,” he said.

Atiku said Nigeria needed a government that would reduce waste, improve transparency, block leakages, and channel public resources into productive investments, rather than relying on an “endless cycle of borrowing”.