Atiku Accuses Tinubu Government Of Losing Control Over N12.62tn Borrowing

Former Vice President Atiku Abubakar has attacked the Tinubu administration over reports that federal borrowing rose to N12.62 trillion after exceeding the 2024 borrowing limit.

Atiku, in a statement issued by his media aide Phrank Shaibu, said the figure showed that the government had lost control of the country’s finances. Vanguard, Daily Trust and Daily Post all reported the statement on Wednesday.

The reports said Atiku cited a Budget Office disclosure that the Federal Government borrowed N4.79 trillion above the approved limit, or 61.2 per cent more than the National Assembly approved.

He also criticised an additional N3.19 trillion described as budget support, saying there was no such provision in the approved budget and no clear explanation of the source of the funds.

Atiku argued that Nigerians had been told that fuel subsidy removal, tax increases and other economic measures would reduce borrowing and restore stability, but that the country was instead facing higher debt and waste.

The Presidency had not issued a fresh response in the reports checked by the outlets at the time the statement was published.

Sources: Vanguard, Daily Trust, Daily Post