A SaharaReporters’ review of data published by the Debt Management Office has shown that within 19 months of the Bola Tinubu-led administration, the Nigerian government’s debt portfolio grew by N55.2trillion.
President Bola Tinubu’s administration has accumulated N55.2 trillion in new federal debt within 19 months, despite his August 2023 pledge to reduce borrowing dependency. Official data shows Nigeria’s external debt jumped from N29.8 trillion (June 2023) to N62.9 trillion (December 2024), while domestic debt rose from N48.3 trillion to N70.4 trillion in the same period.
The Central Bank’s Q4 2024 report reveals N2.199 trillion was spent on debt servicing – exceeding both budgetary allocations and 2023 figures. While total public debt (N142.32 trillion) remains below the 70% GDP threshold, the CBN attributes the surge to exchange rate depreciation and new borrowings. This contradicts Tinubu’s 2023 declaration: “We must break the vicious cycle of overreliance on borrowing.”
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