President Tinubu’s Administration Sees 117% Surge in Borrowing, Hits Over 20 Trillion Naira in a Year

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Financial Vanguard’s analysis of data from the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN) reveals a significant increase in borrowing under President Bola Tinubu’s administration. In the 12 months ending May 31st, 2024, the Federal Government borrowed N20.09 trillion through various instruments, marking a 117% year-over-year increase from the N9.275 trillion borrowed during the same period the previous year (June 2022 to May 2023).

The bulk of this increase was attributed to Nigerian Treasury Bills (NTBs) auctions conducted by the CBN. These auctions alone accounted for 66% of the Federal Government’s domestic borrowing over the past year. This dramatic rise in borrowing highlights the administration’s reliance on domestic debt instruments to finance its expenditures, a trend that has raised concerns among economic analysts about the long-term sustainability of Nigeria’s fiscal policies.

The surge in borrowing underlines the financial challenges facing the Tinubu administration, exacerbated by differences in foreign exchange rates and other economic pressures. As the government continues to navigate these fiscal challenges, the impact of this increased borrowing on the nation’s economy remains a critical point of discussion among policymakers and stakeholders.


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