Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), has sharply criticized President Bola Tinubu's administration over newly released figures showing that the Federal Government overshot its 2024 borrowing limit by ₦4.79 trillion, bringing total fresh borrowing to ₦12.62 trillion.
Borrowing Exceeds Approved Limit
According to a statement by Atiku's Senior Special Assistant on Public Communication, Phrank Shaibu, dated July 29, 2026, the Budget Office confirmed that the government borrowed 61.2 percent above what the National Assembly approved. The statement further revealed that an additional ₦3.19 trillion was obtained under the label of 'budget support,' despite no such provision in the approved budget and with no disclosed source for the funds.
'A government earning windfalls while borrowing recklessly is not suffering from lack of revenue; it is suffering from lack of discipline,' Shaibu said.
Oil Windfall Amid Rising Debt
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. The statement also flagged that debt servicing alone consumed ₦12.36 trillion in the same period, more than 52 percent above the budgeted figure.
Atiku warned that Nigeria was approaching a point where the government borrows primarily to repay earlier debts, creating an unsustainable cycle.
Atiku Questions Spending Priorities
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 the 'Service Wide Vote,' and spending on luxury vehicles while essential services deteriorate.
The statement noted that 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.'
Call for Fiscal Discipline
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,' the statement concluded.
Atiku also reiterated his pledge 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.
