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.
Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.

