Where Is Nigeria’s Borrowed Money Going Under Tinubu? Debt Hits N152T in 2025
As Nigeria grapples with economic turbulence under President Bola Ahmed Tinubu’s administration, one pressing question looms large: Where is all the borrowed money going? Since taking office in May 2023, the Tinubu government has overseen a relentless borrowing spree, pushing the nation’s public debt to a staggering N152.4 trillion by June 30, 2025—an increase of N3 trillion in just three months. With recent approvals for billions in external loans, including a $21 billion plan for 2025-2026 and an additional $2.3 billion to bridge budget gaps, Nigerians are left wondering if these funds are truly fueling development or simply perpetuating a cycle of debt without visible returns. The Borrowing Boom: A Snapshot of Tinubu’s Fiscal Strategy Tinubu’s policies, rooted in deregulation and market reforms, have necessitated heavy borrowing to offset revenue shortfalls and fund ambitious agendas. The 2025 budget, for instance, anticipates N9.27 trillion in new borrowings, com...