Atiku Raises Fresh Concerns As FG Borrowing Exceeds Approved Budget

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has expressed concern over Nigeria’s growing debt burden after reports showed the Federal Government borrowed N12.62 trillion in 2024, exceeding the amount approved by the National Assembly by N4.79 trillion.

Atiku described the development as evidence of poor fiscal management, arguing that the government has failed to achieve the financial stability it promised despite removing fuel subsidies, increasing taxes, and introducing other economic reforms.

He referenced Budget Office data showing that the Federal Government borrowed 61.2 per cent more than the amount approved by the National Assembly and secured an additional N3.19 trillion in budget support, despite the funding not being provided for in the 2024 Appropriation Act.

The former vice president also questioned the use of the borrowed funds, noting that key sectors such as education, healthcare, security, and infrastructure continue to face significant funding challenges despite the rising debt profile.

He further pointed to reports that Nigeria earned a substantial oil revenue windfall in recent months, arguing that the increased earnings should have reduced the need for additional borrowing rather than expanding it.

According to Atiku, debt servicing has also risen sharply, with Budget Office data showing it exceeded budget projections, raising concerns about the country’s long-term fiscal sustainability.

He called for greater transparency in public spending, improved management of government finances, reduced waste, and increased investment in critical sectors to ensure sustainable economic growth.