Tinubu Borrowed About ₦42 Trillion: Did Nigeria Get Value for the Debt?

I estimate Tinubu-era net Federal Government borrowing at roughly ₦42 trillion through March 2026. The real question is not whether the figure is large. It is whether Nigeria gained assets, productive capacity and human capital while carrying that debt. Borrowing funds the wider fiscal deficit, not one project at a time. Government points to over 2,700km of major roads under construction or rehabilitation, power transmission upgrades, student loans, primary healthcare funding, federal housing projects, rail modernisation and CNG transport initiatives. These projects do not automatically justify the borrowing. Every contract must deliver value, and Nigerians should question costs, procurement, priorities and completion timelines. But the more useful debate is whether the roads, power infrastructure, education, healthcare and transport projects being funded are enough to justify the debt burden Nigeria will repay.

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