Atiku Slams Tinubu Over ₦4.79 Trillion Borrowing Overrun
- Atiku Abubakar criticised the Federal Government after the Budget Office revealed it borrowed ₦4.79 trillion above its approved 2024 limit
- The government also obtained an extra ₦3.19 trillion classified as 'budget support' with no provision for it in the approved budget
- Atiku's camp pointed to a reported ₦7.98 trillion oil windfall, questioning why borrowing continued to rise despite higher revenues
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Legit.ng journalist Adekunle Dada has over 8 years of experience covering metro, government policy, and international issues
FCT, Abuja - The African Democratic Congress (ADC) presidential candidate Atiku Abubakar has sharply criticised President Bola Tinubu's administration over figures showing the Federal Government overshot its 2024 borrowing limit by ₦4.79 trillion, bringing total fresh borrowing to ₦12.62 trillion.
Former Vice President said the Budget Office, the Federal Government borrowed 61.2 per cent above what the National Assembly approved.
Beyond that, an additional ₦3.19 trillion was obtained under the label of "budget support," despite no such line existing in the approved budget and no disclosed source for the funds.
Atiku's Senior Special Assistant on Public Communication, Phrank Shaibu, made this known in a statement dated July 29, 2026, and made available to Legit.ng
Oil windfall, yet borrowing grows
Atiku's camp noted a striking contradiction: reports had emerged days earlier that high crude oil prices delivered an estimated ₦7.98 trillion windfall to the Federal Government. Despite that revenue boost, borrowing continued to rise rather than fall.
"A government earning windfalls while borrowing recklessly is not suffering from lack of revenue; it is suffering from lack of discipline."
The statement also flagged that debt servicing alone consumed ₦12.36 trillion in the same period, more than 52 per cent above the budgeted figure.
Atiku warned that Nigeria was approaching a point where the government borrows primarily to repay earlier debts.
What borrowing is not funding
Atiku questioned what the borrowing was actually financing, noting that schools remain under-resourced, hospitals are underfunded, security agencies report inadequate funding despite ongoing violence, roads remain in poor condition, and electricity is increasingly unaffordable.
Shaibu's statement listed what it described as a broader pattern within the administration: the creation of agencies accused of being duplicates, padded budgets with repeated allocations, large sums hidden under what it called the "Service Wide Vote," and spending on luxury vehicles while essential services deteriorate.
The statement said Nigerians had been promised that the removal of the fuel subsidy, repeated tax increases, and other economic measures would reduce borrowing and return fiscal discipline.
"Instead, the country is witnessing the exact opposite: endless borrowing, ballooning debt and unprecedented waste."
The ADC, through Shaibu's statement, called for a government that operates within approved budgets, removes wasteful spending, blocks financial leakages, and directs public funds into productive investments rather than debt cycles.
"The Nigerian people cannot continue paying today's taxes to service yesterday's loans while tomorrow's generations inherit only debt."
Atiku releases direct message to Tinubu
Recall that Atiku issued a statement condemning the killing of civilians in Kauru Local Government Area of Kaduna state.
The former vice president criticised the Tinubu administration for prioritising a disputed US commendation letter over citizen safety.
Atiku called for a comprehensive review of Nigeria's security architecture and urged agencies to protect vulnerable communities.
Atiku questions Tinubu's borrowing
Earlier, Legit.ng also reported that Atiku questioned the Federal Government's continued domestic borrowing, claiming Nigeria earned an estimated ₦7.98 trillion in additional oil revenue above the 2026 budget benchmark.
He asked the Tinubu administration to account for the alleged oil windfall, saying Nigerians deserved greater transparency over excess crude earnings.
Atiku pledged that an ADC government would publish regular reports on excess oil revenues, reduce unnecessary borrowing and channel surplus funds into key sectors of the economy.
Source: Legit.ng
