Former Vice President and African Democratic Congress presidential candidate, Atiku Abubakar, has criticised President Bola Tinubu's administration over Nigeria's rising debt profile, accusing the government of poor fiscal management.
Atiku, in a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu, said the Federal Government exceeded its approved 2024 borrowing limit by ₦4.79 trillion, describing the move as evidence of what he called “reckless fiscal management.”
He claimed government borrowing had risen to ₦12.62 trillion despite assurances that reforms, including fuel subsidy removal and tax adjustments, would reduce reliance on debt.
The former vice president also alleged that the government obtained ₦3.19 trillion as budget support without such provision in the 2024 Appropriation Act, while accusing the administration of wasteful spending and a lack of transparency.
Atiku questioned the impact of the borrowed funds, arguing that Nigerians were yet to see significant improvements in education, healthcare, security, infrastructure and power supply despite the country’s growing debt obligations.
He also criticised the government’s decision to continue borrowing despite increased oil revenues, including what he described as a ₦7.98 trillion windfall from higher crude oil prices.
Atiku said debt servicing had reached ₦12.36 trillion, warning that Nigeria risks entering a cycle where new borrowing is mainly used to repay existing debts.
He urged Nigerians to demand accountability from the government, insisting that increased revenues and economic reforms should translate into better public services rather than higher debt burdens.
Comments
Add a comment