Atiku says Tinubu lost control after 2024 borrowing exceeded limit by N4.79tn

Former Vice President Atiku Abubakar accused President Bola Tinubu of losing control of Nigeria’s economy, citing the Federal Government’s 2024 borrowing that exceeded the National Assembly-approved limit by N4.79 trillion, pushing total borrowing to N12.62 trillion. He noted an extra N3.19 trillion labelled "budget support" was taken despite no such line in the approved budget, with no disclosure of its source. Atiku said the borrowing contradicts promises that fuel-subsidy removal and tax hikes would curb debt, pointing out that despite an estimated N7.98 trillion oil windfall from high crude prices, the government continues to pile on debt while sectors like education, health, security and infrastructure remain underfunded. He described the pattern as fiscal vandalism, warning that mortgaging future generations’ prospects while presiding over duplicated budgets and wasteful spending undermines national stability. The statement, issued by his aide Phrank Shaibu, comes as Nigerians grapple with rising living costs and deteriorating public services. Will Nigerians demand accountability for the borrowing, or continue to absorb the debt burden through higher taxes and reduced services?

SOURCE: https://dailypost.ng/2026/07/29/excess-borrowing-tinubu-has-lost-control-of-nigerias-economy-atiku/