Fresh concerns have emerged over Nigeria’s rising debt profile following claims that borrowing under President Bola Ahmed Tinubu within just 24 months has exceeded the total debt accumulated during the country’s first 55 years after independence.
The revelation has intensified national debates surrounding fiscal sustainability, public borrowing, economic reforms, and the long-term implications of Nigeria’s expanding debt burden.
According to Dele Oye, Chairman of the Alliance for Economic Research and Ethics LTD/GTE and former chairman of the Organised Private Sector of Nigeria (OPSN), the current administration has added approximately ₦65.9 trillion to Nigeria’s debt stock within two years.
He argued that the figure is more than five times the roughly ₦12 trillion debt Nigeria accumulated between independence in 1960 and around 2015.
The comments come amid growing public scrutiny over Nigeria’s fiscal position as the Federal Government continues implementing major economic reforms while simultaneously increasing borrowing to fund budget deficits, infrastructure projects, and economic stabilisation programmes.
Nigeria’s total public debt has risen sharply in recent years due to persistent fiscal deficits, currency depreciation, rising debt servicing obligations, and increasing reliance on both domestic and external borrowing.
Observers say the debt expansion reflects broader structural weaknesses within the country’s revenue generation system.
Analysts note that President Tinubu inherited a challenging economic environment marked by fuel subsidy costs, foreign exchange instability, declining investor confidence, and mounting fiscal pressures.
Since assuming office in 2023, the administration has pursued aggressive economic reforms aimed at restructuring Nigeria’s financial system and reducing long-term fiscal distortions.
Major reforms introduced under the administration include fuel subsidy removal, exchange rate liberalisation, tax restructuring efforts, and broader monetary policy adjustments intended to stabilise public finances and attract investment.
Government officials insist the measures are necessary despite short-term economic hardship.
However, critics argue that the pace of borrowing under the administration has become alarming, particularly given worsening inflation, rising living costs, and increasing debt servicing pressures affecting public expenditure priorities.
Concerns have also grown regarding the sustainability of Nigeria’s debt-to-revenue ratio.
According to the report, Nigeria’s total debt profile has now reportedly climbed to approximately ₦159.28 trillion, translating to an estimated debt burden of about ₦670,000 per citizen.
Economic experts warn that rapid debt accumulation could eventually constrain future government spending on critical sectors such as healthcare, education, infrastructure, and social welfare if debt servicing obligations continue rising.
Observers note that debt itself is not necessarily harmful if borrowed funds are efficiently invested into productive sectors capable of stimulating economic growth, expanding revenue generation, and improving national productivity.
The major concern often centers on how loans are utilised and whether they generate sustainable economic returns.
Supporters of the administration argue that large-scale borrowing became unavoidable due to inherited fiscal challenges and the need to stabilise Nigeria’s economy during a difficult transition period.
They maintain that ongoing reforms are already laying foundations for future growth and macroeconomic recovery.
Analysts also point out that Nigeria’s borrowing levels must be evaluated alongside inflation, currency depreciation, GDP growth, and changes in the naira’s value over time.
The sharp devaluation of the naira has significantly increased the nominal value of external debt when converted into local currency.
Meanwhile, critics insist that rising debt without corresponding improvements in living standards, infrastructure delivery, and public services could deepen economic frustration among Nigerians already facing severe cost-of-living pressures.
Debt servicing has become one of the Federal Government’s largest fiscal obligations in recent years.
A substantial portion of government revenue is increasingly allocated toward interest payments and repayment commitments, reducing fiscal flexibility for development spending.
The issue has additionally become politically sensitive ahead of the 2027 elections as opposition figures and economic commentators continue questioning the long-term sustainability of the government’s fiscal strategy.
Economic management is expected to remain one of the dominant issues shaping future political campaigns.
Observers believe Nigeria now faces the difficult challenge of balancing economic reforms, infrastructure development, social spending, and fiscal sustainability simultaneously.
The country’s large population, infrastructure deficits, and revenue constraints continue placing enormous pressure on public finances.
The International Monetary Fund (IMF), World Bank, and several economic institutions have repeatedly advised Nigeria to strengthen domestic revenue generation rather than relying excessively on borrowing.
Tax reform, export expansion, and industrial growth are often identified as critical solutions.
Analysts say stronger non-oil revenue generation remains essential if Nigeria hopes to sustainably manage its debt burden in the long term.
Dependence on crude oil revenue continues exposing the economy to external shocks and price volatility.
The controversy surrounding Tinubu’s borrowing profile also reflects broader debates regarding development financing across emerging economies.
Many developing countries continue relying on loans to finance infrastructure, industrial expansion, and fiscal stabilisation programmes.
However, economists caution that debt-financed growth strategies become risky when economic expansion remains weak or when borrowing costs rise sharply.
High-interest debt environments can significantly strain national budgets over time.
Observers additionally note that Nigeria’s debt conversation increasingly intersects with broader concerns regarding unemployment, poverty, inflation, and declining purchasing power among citizens.
Public perception of economic reforms remains mixed across different sections of society.
The Federal Government has consistently defended its economic strategy, arguing that ongoing reforms require patience and long-term commitment before their full benefits become visible.
Officials maintain that macroeconomic restructuring is necessary to avoid deeper financial crises in the future.
For now, the report comparing Tinubu’s two-year borrowing record with Nigeria’s first 55 years of debt accumulation has added fresh intensity to national conversations surrounding economic management and fiscal responsibility.
As Nigeria continues navigating complex economic reforms and financial pressures, debates over borrowing, sustainability, and development priorities are expected to remain central to the country’s political and economic discourse.