Tinubu's Administration Accused of Borrowing Irresponsibly Amid Oil Revenue Surge

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

Tinubu's government has raised about N5 trillion from the domestic bond market in the first half of 2023, which is almost 80% of the total amount borrowed during the corresponding period last year.

Atiku noted that such aggressive borrowing would only be understandable if government revenues had collapsed. However, the exact opposite is the case, as 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.