Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused the President Bola Tinubu administration of losing control of Nigeria’s finances following revelations that the Federal Government exceeded its 2024 borrowing limit by ₦4.79 trillion.

In a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the government’s latest borrowing figures expose what he described as a pattern of fiscal recklessness, opacity and wasteful spending.

Citing data from the Budget Office, the former vice president noted that the Federal Government borrowed ₦12.62 trillion in 2024, representing 61.2 per cent above the borrowing limit approved by the National Assembly.

He further alleged that an additional ₦3.19 trillion classified as “budget support” was secured despite having no provision in the approved budget and without clear disclosure of its source.

According to Atiku, Nigerians were assured that the removal of fuel subsidy, multiple tax increases and other economic reforms would reduce the country’s dependence on borrowing and restore fiscal stability.

“Instead, the country is witnessing the exact opposite: endless borrowing, ballooning debt and unprecedented waste,” he said.

The former vice president argued that the latest borrowing figures fit what he described as a recurring pattern under the Tinubu administration, accusing the government of budget duplication, opaque financial practices and reckless fiscal management.

He alleged that the administration had been linked to the creation of “fake agencies”, duplicated budget allocations, trillions of naira hidden under the Service Wide Vote, and what he described as excessive spending on luxury sport utility vehicles while key sectors remain underfunded.

Questioning the impact of the government’s borrowing, Atiku said the funds had not translated into meaningful improvements in education, healthcare, security or infrastructure.

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

Atiku also criticised the government for continuing to borrow despite reports that higher global crude oil prices had generated an estimated ₦7.98 trillion in additional oil revenue.

“A government earning windfalls while borrowing recklessly is not suffering from lack of revenue; it is suffering from lack of discipline,” he stated.

He further claimed that the Budget Office report showed debt servicing reached ₦12.36 trillion in 2024, exceeding budgetary provisions by more than 52 per cent.

“Nigeria is fast approaching the dangerous point where the government exists primarily to borrow in order to repay previous borrowings. This is not economic reform. It is fiscal vandalism,” Atiku said.

The former vice president maintained that no responsible government should continue accumulating debt while presiding over what he described as wasteful expenditure, budget duplication and a growing bureaucracy.

He questioned why borrowing continued to rise despite increased government revenues, higher taxes and the removal of fuel subsidy.

“When revenues increase, borrowing also increases. When taxes increase, borrowing still increases. When subsidy is removed, borrowing accelerates. When budgets are padded and duplicated, borrowing becomes the answer once again. This is not governance. It is a debt addiction,” he added.

Atiku said the ADC believes Nigeria needs a government that lives within its means, eliminates waste, promotes transparency, blocks financial leakages and prioritises productive investments over excessive borrowing.

He concluded that Nigerians should not be burdened with servicing mounting debts while future generations inherit an economy weighed down by unsustainable liabilities.