By Omeiza Ajayi, Abuja
Former Vice President Atiku Abubakar has raised the alarm over Nigeria’s debt profile, describing the disclosure that the Federal Government exceeded its 2024 borrowing limit by N4.79 trillion, pushing fresh borrowing to N12.62 trillion, as fiscal vandalism and proof that the President Bola Tinubu administration has completely lost control of the nation’s finances.
In a statement issued on Wednesday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said Nigerians were promised that the removal of fuel subsidy, repeated tax hikes and other harsh economic measures would reduce borrowing and restore fiscal stability, but the country was instead witnessing “endless borrowing, ballooning debt and unprecedented waste.”
According to the presidential candidate of the African Democratic Congress ADC, the Budget Office disclosed that the Federal Government borrowed 61.2 per cent above what was approved by the National Assembly.
He noted that an additional N3.19 trillion classified as “budget support” was obtained despite no such provision existing in the approved budget, with no clear disclosure of its source.
