Business Africa has challenged widespread claims that President Bola Tinubu’s administration is responsible for Nigeria’s highest level of borrowing since the country returned to democratic rule in 1999.
According to the report titled “Who Borrowed Most? Nigeria’s Presidential Debt Record 1999–2025,” recent narratives suggesting an unprecedented surge in borrowing under the current administration do not fully align with available debt data.
The research firm argued that much of the apparent increase in Nigeria’s debt stock since 2023 is not solely the result of fresh loans, but also reflects major revaluation effects following foreign exchange policy adjustments introduced under the Tinubu administration.
Debt figures and key comparisons
The report stated that Nigeria’s external debt stood at about $42.5 billion when President Tinubu assumed office in May 2023. By December 2025, this figure had risen to approximately $51.9 billion, representing an estimated increase of $9.4 billion over the period.
In contrast, it noted
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