Tinubu Administration Borrowed More in Two Years Than Nigeria Accumulated in 55 Years

A new policy brief by a Nigerian think tank warns that the Tinubu administration added about ₦65.9 trillion in debt within two years—over five times the ₦12 trillion borrowed between 1960 and 2015. It shows debt servicing now exceeds federal retained revenue, driving the debt service-to-revenue ratio above 100%. In January 2025 alone, the government spent ₦696 billion on debt service against just ₦483 billion in retained earnings. The report calls for a declared fiscal emergency focused on boosting tax-to-GDP through full digitisation, stricter revenue enforcement and tighter borrowing limits under the Fiscal Responsibility Act to safeguard Nigeria’s fiscal future.

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