Nigeria’s Public Debt Growth: Buhari Vs Tinubu — 2026

Nigeria’s public debt has grown at a significantly faster pace under President Bola Ahmed Tinubu than during the eight-year administration of former President Muhammadu Buhari.

Data from the Debt Management Office (DMO), reviewed by NaijaChoice News, shows the Tinubu government added an average of ₦29.29 trillion to the public debt stock every year between 2023 and 2025. This rate is more than triple the ₦9.41 trillion annual average recorded under Buhari from 2015 to 2023.

Over his full term, Buhari’s administration increased total public debt by ₦75.3 trillion. In contrast, Tinubu’s team has added ₦65.9 trillion in just 2.25 years.

The figures reflect the debt stock rising from about ₦87.38 trillion when Tinubu took office in mid-2023 to over ₦152 trillion by mid-2025, with further growth to ₦153.29 trillion by September 2025.

Much of the surge under Tinubu stems from the naira’s sharp depreciation following the unification of exchange rates, which inflated the local-currency value of existing external loans. Fresh borrowing to finance budget deficits and key projects also played a role.

Buhari’s era saw heavy borrowing for infrastructure like railways, roads and power, as well as responses to recession and the COVID-19 pandemic. Debt accumulation was steadier then, partly because the exchange rate was more stable.

Economists note that while higher debt levels support capital projects and reforms, they have also pushed debt servicing costs to record highs. These payments now crowd out spending on health, education and other social programmes.

The Tinubu administration has defended its borrowing, arguing that subsidy removal and other fiscal changes will deliver long-term revenue gains and reduce reliance on loans. Critics, however, worry about the burden on ordinary Nigerians through higher inflation and taxes.

As of early 2026, Nigeria’s debt-to-GDP ratio remains below critical thresholds set by international benchmarks. But the pace of growth continues to draw close attention from analysts and investors.