Tinubu blames out of control debts on falling naira

9.9.2025
Facing mounting criticism on his plan to borrow more money in face of Nigeria ever increasing debt profile, President Bola Tinubu government officials have blamed the debt crisis on the unstable and depreciating naira.
In a statement on Tuesday, Tinubu’s spokesperson, Sunday Dare, said Nigeria’s debt had remained the same since March.
“Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025, according to the Debt Management Office,” Mr Dare said.
“The jump from last year is not the result of reckless borrowing but largely the arithmetic of naira depreciation,” he added.
The presidential spokesperson explained that “When the currency adjusts, the naira value of existing external debt rises—whether or not new loans are taken.”
In comparison, Mr Dare argued that “Nigeria’s debt-to-GDP ratio remains a moderate 40–45 per cent, well below South Africa’s 70 per cent or Ghana’s 90 per cent plus. The real challenge lies in revenue mobilisation, not runaway borrowing. Encouragingly, revenues are improving, strengthening our capacity to service obligations.
For Mr Dare, “Borrowing is a legitimate tool for financing growth and reforms.”
Mr Dare’s statement drew responses from some netizens who disagreed with his stance on Nigeria’s debt under Mr Tinubu’s watch.
An X user, @Iam_arizona, said, “Which regime caused naira depreciation. How much has the current regime borrowed? Defending Tinubu, you must sound stupid.”
Another user, @Orewae, said, “Your government is unpopular and in the minority. Your principal’s mode of governance is extremely irritating to the majority of Nigerians. Who depreciated the naira?”
“Naira has appreciated in the larger part of this year; the debt should reduce. Govt claims it has made so much money this year, the debt should either stagnate or reduce,” @udoetuknyanah said.
Also, @luvfemi2015 said, “A govt with wicked and heartless policies. It’s only the sycophants that are praising this government. 99.9 per cent of Nigerians detest this wicked government.”