Expert warns on implications of Nigeria’s N166.79trn debt under Tinubu

Financial analyst and Professor of Accounting at Lead City University, Ibadan, Godwin Oyedokun, has detailed the implications of Nigeria’s rising debt profile, which stood at N166.79 trillion under President Bola Tinubu’s administration, Daily Post reports.

Data from the Debt Management Office showed the country’s debt rose by 90.9 percent under Tinubu, increasing by N87.4 trillion to N166.79 trillion by June 2026, with external debt climbing 28.4 percent to $54.52 billion and domestic debt rising 55 percent to N91.59 trillion. The Federal Government alone accounted for N152.77 trillion, or about 91.6 percent, of the total figure. Reacting, Oyedokun told Daily Post that “the critical issue, however, is not debt accumulation alone, but what the borrowed funds are being used to finance and whether they generate sufficient economic returns to support repayment,” warning that rising debt could pressure spending on education, healthcare and social protection for over 200 million Nigerians.

He further called for a stronger debt-management culture anchored on productive borrowing, transparency and measurable outcomes, insisting every loan should be tied to projects capable of expanding output and generating revenue.

“The focus should now shift from asking only how much Nigeria owes to asking what Nigerians have received in return for the debt,” he said — a distinction he argued will determine whether the country’s mounting obligations become a springboard for growth or a lasting burden on future generations.