A financial analyst, Kalu Aja, has alleged that President Bola Ahmed Tinubu’s government is borrowing to repay existing debts.
He made the statement on his X account while comparing the finances of Nigerian leaders since 1957.
According to him, while Nigeria’s late Prime Minister, Tafawa Balewa, borrowed to build the Kainji Dam, the Tinubu administration is borrowing to repay debts.
“Tafawa Balewa borrowed to build Kainji Dam… Tinubu is borrowing to repay borrowing,” he wrote on X.
His comments come amid growing concerns over Nigeria’s debt profile.
According to the Debt Management Office, DMO, Nigeria’s total public debt stood at N159 trillion as of the end of 2025.
However, following recent borrowings approved by the National Assembly at the request of the Tinubu administration, Nigeria’s total debt has surpassed N159 trillion.
In April 2026, President Tinubu asked the Senate to approve a $516.3 million loan from Deutsche AG. Earlier, a similar request was made for a $6 billion loan from Abu Dhabi Bank and a $1 billion loan from the United Kingdom through Citibank.
Recall that Atiku Abubakar, former Vice President and presidential candidate of the African Democratic Congress, ADC, described the Tinubu government’s $6 billion loan request as dangerous.
Tinubu only leader with courage to fix Nigeria now – Wike
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