Tinubu's Administration Under Fire Over N12.62trn Debt Burden

The recent revelation that the federal government has exceeded its 2024 borrowing limit by a whopping N4.79 trillion, bringing the total debt to N12.62 trillion, has sparked intense criticism from the opposition. Atiku, the former vice president, has lambasted the Tinubu administration, stating that the development is a clear indication that the government has lost control of the country's finances. According to Atiku, the relentless borrowing spree is a far cry from the promises made to Nigerians that the removal of fuel subsidy, tax hikes, and other austerity measures would reduce borrowing and restore fiscal stability. Instead, the country is witnessing unprecedented debt accumulation, with no clear signs of fiscal discipline. The Budget Office report revealed that the federal government borrowed 61.2 per cent above the approved limit, with an additional N3.19 trillion classified as 'budget support' obtained without any clear disclosure of its source. Atiku described this as a 'disturbing pattern' of fiscal mismanagement, characterized by duplication, opacity, and recklessness. He questioned the purpose of the borrowing, noting that it was not being used to fund critical sectors such as education, healthcare, security, or infrastructure. The former vice president also expressed concern over the contradiction in the government's actions, citing the recent windfall of N7.98 trillion from high crude oil prices, which has not led to a reduction in borrowing. The media office of Peter Obi, the presidential candidate of the NDC, has also accused the federal government of diverting attention from the country's economic crisis by amplifying trivial controversies. The office stated that the ruling establishment was using distractions to avoid accountability and shift the national discourse away from the pressing socio-economic challenges facing the country. Obi's team maintained that the country required a serious conversation on rebuilding the economy, restoring the value of the naira, improving security, and transforming Nigeria into a productive economy. The NDC spokesman emphasized that the party would not be drawn into distractions orchestrated by the political class, and instead, would focus on engaging in a meaningful debate on how to rescue the failing economy and restore the country's prosperity.