Tinubu vs Buhari: Who Really Borrowed More? Nigeria’s Debt Record 1999–2025

Critics say President Tinubu is Nigeria’s biggest borrower since 1999. But data show external debt rose by $9.4 billion under Tinubu from May 2023 to December 2025. In contrast, it jumped by about $32.6 billion during Buhari’s 2015–2023 term. Much of the naira debt increase under Tinubu reflects exchange-rate revaluation of inherited loans after the 2023 unification. Dollar-denominated debt tells the real borrowing story and rose modestly under the current administration. Domestic debt in dollar terms also fell by about $6.5 billion during Tinubu’s tenure so far. The key challenge Nigeria faces is not just new borrowing but servicing existing obligations. Higher debt-service costs crowd out spending on infrastructure, healthcare, education and security. Understanding valuation effects is crucial to any fair assessment of our public debt.

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