Financial analyst Kalu Aja says President Bola Ahmed Tinubu’s administration is taking on new debt to meet earlier repayment obligations, rather than using loans primarily to fund new infrastructure.
Quick facts
- Aja compared Nigeria’s borrowing under successive leaders from 1957 onward.
- He contrasted Tafawa Balewa’s financing of the Kainji Dam with Tinubu’s current borrowing.
- Nigeria’s public debt was reported at N159 trillion at the end of 2025.
- Recent loan approvals have pushed the country’s debt above that level.
- Requests include $516.3 million from Deutsche AG, $6 billion from Abu Dhabi Bank and $1 billion from the United Kingdom through Citibank.
Aja made the claim in a post on X reviewing the country’s finances since independence. He said the late Prime Minister Tafawa Balewa used borrowed funds to construct the Kainji Dam, while the present government was raising money to service previous loans.
His remarks come as attention intensifies around Nigeria’s debt burden. The Debt Management Office said total public liabilities reached N159 trillion by the close of 2025.
That figure has since increased following additional borrowing requests submitted by the Tinubu administration and approved by the National Assembly. In April 2026, Tinubu sought Senate clearance for a $516.3 million facility from Deutsche AG.
The government had earlier requested a $6 billion loan from Abu Dhabi Bank, as well as $1 billion in financing from the United Kingdom arranged through Citibank. Former Vice President and African Democratic Congress presidential candidate Atiku Abubakar called the proposed $6 billion borrowing dangerous.
