Former Vice President Atiku Abubakar has criticized President Bola Tinubu, asserting that the current administration has forfeited authority over Nigeria’s financial health. This follows reports that the federal government bypassed its 2024 borrowing limit by N4.79 trillion, bringing total new debt to N12.62 trillion.
The critique, issued via Phrank Shaibu, highlights a stark departure from the administration’s promises. Nigerians were assured that drastic steps, including the fuel subsidy removal and increased taxes, would stabilize the economy. Instead, Atiku argues, the nation is facing uncontrolled spending and rising debt. Data from the Budget Office indicates that the government exceeded the borrowing authorization granted by the National Assembly by over 61 percent.
Atiku further condemned the inclusion of an undocumented N3.19 trillion described as budget support. He characterized the administration’s fiscal approach as opaque and reckless, citing instances of budget padding and excessive spending on luxuries like SUVs at the expense of vital sectors. He noted that even with a reported N7.98 trillion oil windfall, the government continues to accumulate debt, labeling the situation as fiscal vandalism rather than economic reform.
