InsightOnion

     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...

  In the span of just over two years since President Bola Ahmed Tinubu assumed office in May 2023, Nigeria’s public debt has ballooned to unprecedented levels, reaching a staggering N152.40 trillion as of June 30, 2025. This represents a sharp increase of N3 trillion in just three months, fueling widespread alarm that the administration’s fiscal policies are saddling future generations with an insurmountable debt burden. Critics argue that Tinubu’s cabinet, through aggressive borrowing and unchecked spending, is prioritizing short-term fixes over sustainable economic growth, potentially locking Nigeria into a cycle of dependency on international lenders. The Alarming Debt Trajectory Under Tinubu When Tinubu took the helm, Nigeria’s total public debt stood at approximately N77 trillion. Fast forward to mid-2025, and that figure has nearly doubled, driven by a combination of domestic and external borrowings. The Debt Management Office (DMO) reports that this surge includes new loans ...