Nigeria's Debt Crisis: Melaye Critiques Tinubu's Borrowing

Dino Melaye, a former senator representing Kogi West, has declared Nigeria a "chattered borrowing nation" due to its escalating public debt. He made this statement following a comparison of borrowing patterns between former President Muhammadu Buhari and the current President Bola Tinubu.

Under Buhari's administration, Nigeria borrowed ₦83 trillion over eight years, while Tinubu's administration has borrowed ₦158 trillion in just three years. Melaye emphasized that this significant increase in borrowing without subsidies marks a troubling trend for the nation.

As of December 2024, Nigeria's public debt is projected to reach ₦144.67 trillion, with a sharp rise to ₦87.379 trillion recorded in June 2023. This debt includes at least ten major external loans, with the World Bank contributing approximately $7.2 billion (₦1.15 trillion) for the 2025 budget.