Former Chairman of the Organised Private Sector of Nigeria (OPSN), Barrister Dele Oye, has raised fresh concerns over Nigeria’s rising debt profile, revealing that President Bola Tinubu’s administration accumulated about N65.9 trillion in public debt within its first 24 months in office.
Key Highlights:
- Dele Oye says Tinubu’s N65.9 trillion debt exceeds Nigeria’s total borrowing in its first 55 years
- Nigeria’s public debt reportedly rose from N87.38 trillion in June 2023 to N159.28 trillion by the end of 2025
- Oye warns that every Nigerian now carries an estimated debt burden of N670,000
- Concerns grow over debt servicing, revenue pressure, and infrastructure spending
- Economists debate Tinubu administration’s borrowing strategy and fiscal policies
- Stakeholders call for stricter fiscal discipline and sustainable economic reforms
Oye, who also chairs the Alliance for Economic Research and Ethics LTD/GTE, stated that the current administration’s borrowing pace has surpassed historical levels recorded since Nigeria’s independence.
According to him, Nigeria accumulated roughly N12 trillion in public debt between 1960 and 2015, making the current debt increase under the Tinubu administration more than five times the country’s total borrowing over 55 years.
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“Nigeria’s public debt rose sharply from N87.38 trillion in June 2023 to N159.28 trillion by the end of 2025, with President Bola Tinubu’s administration accounting for about N65.9 trillion of the increase within its first two years in office,” Oye stated.
He further disclosed that with Nigeria’s current debt stock standing at N159.28 trillion, the estimated debt burden per citizen is now about N670,000.
The former OPSN chairman expressed concern over the country’s debt service-to-revenue ratio, warning that rising debt obligations could continue to limit government spending on critical sectors such as healthcare, education, infrastructure, and social welfare.
Oye noted that while borrowing is not new in Nigeria, the speed and scale of debt accumulation under the present administration have triggered widespread debate among economists, financial analysts, and private sector stakeholders.
The concerns come amid ongoing discussions around fiscal management, naira devaluation, exchange rate volatility, and the Federal Government’s strategy for financing budget deficits and infrastructure projects.
Supporters of the administration have argued that the borrowings are targeted at long-term investments in roads, power supply, digital infrastructure, and economic reforms. They also maintain that some inherited liabilities, including Ways and Means advances, are being addressed.
However, critics continue to question the sustainability of the debt profile and whether the borrowed funds are translating into measurable economic growth and improved living conditions for Nigerians.
Oye urged the Federal Government to focus more on revenue generation, reduction of wasteful spending, and transparent management of public finances to prevent future generations from carrying an unbearable debt burden.
He also called for stricter compliance with fiscal responsibility laws and improved debt management policies capable of supporting sustainable economic growth.
