Atiku Abubakar Critiques Tinubu's Excessive Borrowing

Atiku Abubakar, the former Vice President of Nigeria and presidential candidate of the African Democratic Congress (ADC), has raised concerns regarding the Federal Government's breach of the 2024 borrowing limit by ₦4.79 trillion, resulting in total borrowing of ₦12.62 trillion. Speaking through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku criticized the Tinubu administration for what he described as a complete loss of control over the nation's finances.

He highlighted that Nigerians were assured that the removal of fuel subsidies and tax hikes would lead to reduced borrowing and fiscal stability, yet the opposite has occurred, with increased borrowing and debt. The Budget Office reported that the government borrowed 61.2 percent more than the amount sanctioned by the National Assembly.

Atiku labeled the government's fiscal management as "debt addiction" and "fiscal vandalism," noting that debt servicing alone consumed ₦12.36 trillion, surpassing the budget by over 52 percent. He emphasized the need for a government that operates within its means and focuses on productive investments.