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Nigeria’s Debt Profile Has Reduced Under Tinubu – NOA

The National Orientation Agency (NOA) has stated that Nigeria’s debt profile has witnessed a significant decline since President Bola Tinubu assumed office in 2023, dismissing reports suggesting an increase in the country’s debt burden.

According to the Debt Management Office (DMO), Nigeria’s total public debt stood at ₦152.40 trillion as of June 30, 2025, up from ₦149.39 trillion recorded at the end of March 2025 — representing a 2.01 percent increase within three months. In dollar terms, the debt stock rose from $97.24 billion to $99.66 billion, a 2.49 percent increase.

A breakdown by the DMO shows that Nigeria’s external debt climbed from $45.98 billion (₦70.63 trillion) in March 2025 to $46.98 billion (₦71.85 trillion) by June 2025.

However, in an explanatory statement shared via its official X handle on Monday, the NOA clarified that recent misinformation has distorted the true picture of Nigeria’s debt situation. The agency cited data from the DMO, Central Bank of Nigeria (CBN), Ministry of Finance, and Federal Inland Revenue Service (FIRS), which, according to it, paints a more positive outlook.

The NOA noted that as of June 2023, Nigeria’s total public debt stood at $113.42 billion, with a debt-to-GDP ratio below 40 percent, remaining within the sustainability threshold set by the International Monetary Fund (IMF) and the World Bank.

By December 2024, the figure had reportedly declined to around $94.22 billion, representing a reduction of more than $19 billion within 18 months.

According to the agency, this drop indicates that the federal government is “actively managing its borrowings and repayments.” It added, “Rather than accumulating new debt, Nigeria has been making down payments on existing loans and avoiding unnecessary borrowings, which demonstrates fiscal discipline and responsibility.”

The NOA further explained that before the Tinubu administration, debt servicing consumed almost all government revenue. In the first half of 2023, about 97 percent of total revenue went toward debt payments.

“By the end of 2024, this ratio improved to 68 percent, and as of the second quarter of 2025, it had fallen to below 50 percent. Although still high, this marks significant progress in revenue management and debt sustainability,” the statement read.

The agency highlighted that under the current administration, the federal government has repaid a $3.26 billion loan obtained from the IMF and spent approximately $7 billion on external debt servicing within the first 18 months of President Tinubu’s tenure.

While acknowledging that Nigeria’s debt remains within manageable limits, the NOA pointed out that the nation still faces structural challenges linked to overdependence on oil revenue. Nonetheless, it commended the government’s efforts to boost non-oil income through improved tax administration and measures to curb financial leakages.

The agency revealed that in the first half of 2024, non-oil revenue grew by 30 percent compared to the same period in 2023. It also noted that the Nigeria Customs Service collected ₦1.3 trillion in the first quarter of 2025 — more than double the ₦600 billion collected in the corresponding period of 2023 — describing it as proof of the government’s commitment to strengthening revenue mobilisation without increasing tax rates.

The NOA added that Nigeria’s economy is gradually diversifying and showing consistent recovery, supported by reforms in agriculture, telecommunications, and services. It referenced a World Bank projection that placed the country’s GDP growth at 3.7 percent in 2024, marking the strongest expansion in nearly a decade, excluding post-pandemic rebounds.

The agency concluded that the federal government remains focused on sustainable growth through infrastructure investment, agricultural development, and digital innovation, as well as by supporting small and medium-scale enterprises to reduce dependence on oil revenue and build a more resilient economy.