Data published by the Debt Management Office (DMO) has revealed that Nigeria’s debt portfolio grew by N46.9trillion since the emergence of Bola Tinubu as Nigeria’s President.
According to DMO data, as of June 2023, when Tinubu became Nigeria’s President, the country’s debt profile stood at N87.3 trillion; it however grew to N134.2 trillion as of June 2024.
As of September 2023, the country’s debt grew to N87.9 trillion, from the N87.3 trillion posted in June 2023; this would mean that within the 3-months period, Nigeria borrowed N600billion. As of December 2023, the debt grew to N97.3 trillion, which would mean that between between September 2023 and December 2023, the country borrowed N9.4 trillion.
As of March 2024, the loan portfolio of the country stood at N121.6 trillion, growing from the N97.3 trillion posted in December 2023. This means that Nigeria’s debt profile grew by N24.3 trillion. The public debt stood at N134.2 trillion, representing an increase N12.6 trillion within the three months period.
Further review shows that the increase in loan portfolio under Tinubu is higher than that under the previous administration, putting into context same on the period reviewed under Tinubu.
Between June 2022 and June 2023, Nigeria’s debt profile increased by N44.5 trillion (this includes the N22.7 trillion Ways and Means owed to the CBN).
There have been concerns on the reliance on loans in Nigeria. Recall that as of the second quarter of 2024, debt servicing, which is as a result of loans, gulped N4trillion in Nigeria.
