Tinubu Announces Nigeria No Longer Borrowing Locally; Debt Concerns Remain

President Bola Ahmed Tinubu revealed that Nigeria has stopped borrowing from local banks as the revenue target was exceeded. This announcement was made during a meeting at the Presidential Villa with members of the Buhari Organisation.

Despite the positive revenue performance, Nigeria's debt profile remains a concern, with the total public debt reaching ₦45 trillion as of March 31, 2025. While the government emphasizes fiscal discipline and revenue growth, analysts are cautious due to weak oil earnings and delayed tax reforms.

A CSL report suggests a potential fiscal deficit exceeding GDP and surpassing the 2025 budget projection.