Former Vice President Atiku Abubakar has accused President Bola Tinubu of running Nigeria’s finances into chaos, after revelations that the government borrowed ₦12.62 trillion in 2024 which is ₦4.79 trillion above the National Assembly’s limit.
Atiku argued that Nigerians were deceived into accepting fuel subsidy removal and tax hikes on the promise of fiscal stability, only to face ballooning debt and reckless spending. He described the borrowing spree as proof of failed economic policies, noting that despite an oil revenue windfall of nearly ₦8 trillion, the government continues to pile up debt.
He further alleged that Tinubu’s administration hides wasteful expenditures under opaque budget lines, funds “fake agencies,” and splurges on luxury vehicles while schools, hospitals, and security remain starved of resources.
“The tragedy,” Atiku said, “is that Nigerians are servicing debts without seeing any benefit.”
Meanwhile, a civil society group, CHRICED has warned that misplaced priorities and rising debt may worsen insecurity and deepen poverty if education and social protection remain neglected.
