The Presidency has defended Nigeria’s borrowing position, insisting that the country’s debt burden remains moderate when measured against the size of its economy.
Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, said Nigeria’s public debt-to-GDP ratio of about 35.5 per cent places the country well below several African nations with significantly higher debt levels.
Onanuga made the assertion while reacting to a debt ranking published by StatiSense and attributed to International Monetary Fund data. The ranking showed Sudan with a debt-to-GDP ratio of 169.1 per cent, Senegal at 132.3 per cent and Mozambique at 106.1 per cent, compared with Nigeria’s 35.5 per cent.
According to the presidential aide, the figures should put to rest what he described as attempts to portray Nigeria as one of Africa’s most indebted countries.
However, while Nigeria’s debt-to-GDP ratio remains relatively modest, the country’s debt situation continues to raise concerns over its ability to generate enough revenue to meet its obligations.
The Federal Ministry of Finance puts Nigeria’s total public debt at about N166.7 trillion as of the second quarter of 2026, while the government’s debt-to-revenue ratio stood at roughly 65 per cent in the first half of the year.
This means that although Nigeria owes less relative to the overall size of its economy than some heavily indebted countries, a substantial portion of government revenue is still required to service its debt.
Nigeria’s fiscal challenge is therefore not simply about how much the country owes, but also about how much money the government earns and how much of that revenue is consumed by debt servicing.
The International Monetary Fund has similarly highlighted fiscal constraints as a major challenge for Nigeria, particularly as the government seeks to fund infrastructure, social services and other public expenditure while keeping borrowing costs under control.
The IMF’s April 2026 Fiscal Monitor projected Nigeria’s debt-to-GDP ratio at 32.3 per cent for 2026, before rising slightly to 33.1 per cent in 2027.
Nigeria’s Debt Management Office had earlier reported that total public debt stood at N159.28 trillion at the end of December 2025.
While Onanuga’s argument highlights Nigeria’s comparatively low debt-to-GDP ratio, analysts say the broader picture must include revenue generation, interest payments, exchange-rate movements and the structure of the country’s debt.
The debate over Nigeria’s borrowing under the Tinubu administration is therefore unlikely to end with comparisons of debt ratios alone. The bigger question remains whether the government can significantly increase revenues and economic output while keeping debt-servicing costs from putting further pressure on public finances.
For the Tinubu administration, the relatively low debt-to-GDP figure provides an important defence of its borrowing strategy. But for Nigerians, the more immediate concern may be how much of government revenue is left after debt obligations are paid and whether enough remains to fund essential services and development.
