Former Vice President Atiku Abubakar has condemned the current administration for its massive debt accumulation, labeling the Federal Government’s decision to surpass its 2024 borrowing limit by N4.79 trillion as an act of fiscal irresponsibility. Represented by his aide, Phrank Shaibu, Abubakar argued that the administration has failed to stabilize the economy despite imposing heavy tax burdens and removing fuel subsidies on citizens.
Data from the Budget Office indicates that the government exceeded authorized borrowing levels by 61.2 percent. Additionally, an unexplained N3.19 trillion classified as budget support was acquired without legislative approval. Abubakar pointed out that this reckless borrowing does not appear to be supporting essential sectors like education, healthcare, or security, which continue to face severe funding shortages.
Despite enjoying a significant oil windfall of approximately N7.98 trillion due to rising crude prices, the administration continues to increase its debt load. Debt servicing costs have reached N12.36 trillion, surpassing budgeted projections by over 52 percent. Abubakar warned that Nigeria is trending toward a future where the government exists merely to secure loans to pay off previous obligations. He concluded by demanding an end to the cycle of budgetary padding and opaque financial management, insisting that the country requires a leadership that focuses on transparency and productive investment.
