Despite President Tinubu’s vow to reduce Nigeria’s reliance on loans, federal debt surged by N55.2 trillion in 19 months, a SaharaReporters analysis reveals.
A SaharaReporters analysis of Debt Management Office data has revealed that Nigeria’s debt rose by N55.2 trillion within the first 19 months of President Bola Tinubu’s administration. This spike contrasts sharply with Tinubu’s August 2023 promise to reduce borrowing.
“President Bola Tinubu in Abuja expressed his resolute commitment to break the vicious cycle of overreliance on borrowing for public spending,” the State House said then.
As of June 2023, federal external debt stood at N29.8 trillion, climbing to N62.9 trillion by December 2024—a N33.1 trillion increase. Domestic debt grew from N48.3 trillion to N70.4 trillion over the same period.
The Central Bank’s Q4 2024 report showed Nigeria spent N2.199 trillion servicing debt—exceeding the N2.067 trillion budgeted. Public debt now stands at 51.29% of GDP, still below the 70% market-access limit.
Despite the “Renewed Hope” agenda, borrowing has continued to escalate rapidly.