Atiku Blasts Tinubu's Borrowing Spree Amid Record Oil Windfall

African Democratic Congress presidential candidate Atiku Abubakar has criticized President Bola Tinubu's administration over its 'unprecedented domestic borrowing' despite a significant windfall from high international crude oil prices.

Atiku noted that the Federal Government has raised about N5 trillion from the domestic bond market in the first half of 2023, almost 80 per cent of the total amount borrowed during the corresponding period in 2022.

He questioned why the administration is borrowing aggressively when government revenues have not collapsed and oil prices are higher than budgeted. The average price of Brent crude has remained around $92 per barrel between March 1 and July 14, making the government's earnings even higher.