Nigeria’s borrowing history has become a major subject of public debate following claims that 16 Nigerian leaders accumulated approximately ₦46 trillion in loans over 63 years, while President Bola Ahmed Tinubu’s administration has reportedly incurred borrowing obligations amounting to about ₦120 trillion in just three years.
The figures have reignited conversations about public debt, government spending, economic reforms and the long-term financial implications for ordinary Nigerians.
However, the figures need to be examined carefully. Nigeria's public debt is not necessarily the same as total government borrowing, and the distinction between actual new loans, inherited liabilities, exchange-rate revaluation and accumulated debt is important when comparing different administrations.
What the Official Debt Figures Reveal
According to Nigeria's Debt Management Office (DMO), the country's total public debt stood at approximately ₦97.34 trillion at the end of December 2023. By June 30, 2026, the figure had risen to approximately ₦166.79 trillion. This represents the combined debt of the Federal Government, the 36 states and the Federal Capital Territory.
That distinction matters because an increase in the total debt stock does not automatically mean the government borrowed the entire difference as fresh cash.
In fact, the DMO previously explained that the sharp increase in Nigeria's debt stock during the first quarter of 2024 was partly caused by the depreciation of the naira, which increased the naira value of existing foreign-currency debt.
The country's debt burden also has a significant servicing cost. According to figures reported from the DMO, Nigeria spent approximately ₦15.81 trillion servicing its debt in 2025, compared with ₦12.83 trillion in 2024.
These figures demonstrate why borrowing must be examined alongside government revenue, expenditure, economic growth and the benefits delivered by projects financed through loans.
My Take: Has Nigeria's Economy Really Improved Under Tinubu?
My position on this debate is straightforward: The truth is that Nigeria's economy has really improved in certain important areas over the last three years, despite the enormous economic difficulties Nigerians have experienced.
It is important to separate economic performance from the everyday experiences of citizens. An economy can record improvements in government revenue, foreign-exchange availability, investor confidence and other macroeconomic indicators without immediately translating those gains into affordable food, cheaper transportation, better living conditions and increased purchasing power for ordinary Nigerians.
President Tinubu's administration has implemented major economic reforms, including the removal of the petrol subsidy, foreign-exchange reforms and changes to the country's fiscal framework. These policies have attracted both support and criticism because of their economic consequences.
Reuters reported that the administration has defended these reforms on the grounds that they are improving macroeconomic stability and investor confidence, although inflationary pressures and the cost of living remain major concerns. Reuters +1
This is where the national conversation should become more meaningful.
If previous administrations borrowed trillions of naira over several decades, and the present administration has accumulated substantially higher debt obligations within a shorter period, Nigerians deserve to know what the country is getting in return.
Are the loans translating into productive infrastructure, industrial development, employment opportunities, improved electricity supply, agricultural expansion and sustainable economic growth?
Equally, if the economy is improving, why are millions of Nigerians still struggling with the cost of basic necessities?
The government must demonstrate that its borrowing is producing measurable economic benefits rather than leaving future generations with an overwhelming repayment burden.
Ultimately, I believe the debate should not be restricted to how much Tinubu has borrowed compared with his predecessors. It should also examine what each administration achieved with the resources available to it.
My position remains that Nigeria's economy has recorded improvements over the last three years, but that does not mean the economic hardship facing ordinary Nigerians should be ignored or dismissed.
Economic growth must eventually translate into better living conditions. That is the real test of governance.
Editorial fact-check: The ₦46 trillion and ₦120 trillion comparison should be attributed to whoever originally made the claim. I could not independently establish that both figures represent comparable cumulative borrowing. The verified DMO figure is ₦166.79 trillion in total public debt as of June 2026, not ₦120 trillion in new borrowing.
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