Amanze Chinonye
Nigeria’s public debt has risen sharply during the first two years of President Tinubu’s administration, raising public debate over the country’s borrowing practices and the proper way to assess debt.
According to official figures from the Debt Management Office (DMO) and data collated by Statisense, Nigeria’s total debt in Naira rose from ₦87.4 trillion in June 2023, when Tinubu assumed office, to ₦153.3 trillion by September 2025.
This represents a total increase of ₦65.9 trillion over just over two years, or an average annual increase of ₦32.95 trillion more than triple the ₦9.41 trillion annual average recorded during the eight-year tenure of former President Muhammadu Buhari.
Join our WhatsApp ChannelUnder Buhari, total public debt grew from ₦12.1 trillion in June 2015 to ₦87.4 trillion in June 2023, a total increase of ₦75.3 trillion over eight years.
However, the debate has been complicated by currency fluctuations. Ambassador-designate to Mexico, Reno Omokri, has argued that Naira-denominated figures do not fully reflect the actual debt burden because much of Nigeria’s debt is external, denominated in dollars.
He noted that Nigeria’s total debt actually decreased in dollar terms under Tinubu, falling from $108.2 billion at the start of his administration to $103.9 billion by September 2025 – a $4.3 billion reduction.
“This is why comparing Naira totals without context is misleading,” Omokri said. “Debt in dollars provides a more accurate picture of Nigeria’s external obligations and repayment capacity.”
Statisense defended its Naira-focused reporting, stating, “Debt is real in Naira because it funds budgets, salaries, and interest. Talking only in dollars hides the immediate fiscal impact on Nigerians.”
READ ALSO : NCC Data Exposes Telecom Performances in Nigeria
Nigeria Set to Outpace All of Europe in Births as 2025 Ends, UN Data Shows
Debt Comparison: Buhari vs Tinubu
Naira Debt (₦ Trillion)
Buhari (2015–2023): ₦87.4T
Tinubu (2023–2025): ₦153.3T
Average Annual Increase:
Buhari: ₦9.41T
Tinubu: ₦32.95T
Dollar Debt ($ Billion)
Buhari (2015–2023): $108.2B
Tinubu (2023–2025): $103.9B
Change in Total Debt:
Buhari: +$44.4B
Tinubu: -$4.3B
What the number shows:
In Naira terms, Tinubu’s debt growth appears rapid due to currency devaluation.
In dollar terms, debt has actually decreased, reflecting repayment of external obligations and currency adjustments.
The contrast underscores the importance of considering both local currency impact and international debt obligations when assessing fiscal performance.
As Nigeria continues to navigate its growing debt profile, analysts say the conversation highlights the tension between domestic budgetary pressures and international borrowing realities a balance that will continue to shape public and investor perceptions of fiscal management.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
