Nigeria President Bola Tinubu Accused of ₦4.79tn Borrowing Breach by Atiku Abubakar

Former Vice President and ADC presidential candidate Atiku Abubakar has launched a sharp critique of President Bola Tinubu’s economic stewardship, alleging that the federal government exceeded the National Assembly‑approved borrowing ceiling for the 2024 fiscal year by ₦4.79 trillion. The excess pushed total fresh borrowing to ₦12.62 trillion, about 61.2% above the authorized limit, according to a report from the Budget Office of the Federation.

Atiku’s statement, issued through his Senior Special Assistant Phrank Shaibu, highlighted an unbudgeted ₦3.19 trillion obtained as “budget support” without legislative approval. He warned that promised reforms – such as the removal of the fuel subsidy and increased taxation – have instead coincided with “endless borrowing, ballooning debt and unprecedented waste.” The former vice president also accused the Tinubu administration of duplicating budget lines, concealing large expenditures under the Service Wide Vote, creating “fake agencies,” and authorising luxury vehicle purchases while essential services remain underfunded.