Tinubu defends Nigeria’s borrowing spree, declaring that taking loans is nothing to be ashamed of even as the country’s public debt spirals toward an estimated ₦159 trillion and millions of Nigerians continue to battle inflation, unemployment, and soaring living costs.
In a video currently making the rounds online, the President made his position unmistakably clear.
“If we have to borrow money, we will borrow. Borrowing money is not leprosy. We just have to work hard to give to people.”
— President Bola Tinubu
The remarks have triggered a fresh wave of public debate, with critics arguing that Nigeria is already drowning under a crushing debt burden while the President appears unfazed by the pressure to change course.
How Much Has Nigeria Borrowed Under Tinubu?
Since assuming office on May 29, 2023, the Tinubu administration has pursued an aggressive borrowing agenda at both local and international levels. The scale of the loans approved under his watch is staggering:
- June 2024 — World Bank approved a $2.25 billion loan to support economic reforms and assist citizens affected by subsidy removal and naira devaluation
- July 2025 — Senate approved an external borrowing plan worth over $21 billion, alongside €4 billion, ¥15 billion, a $65 million grant, and a $2 billion domestic foreign-currency instrument
- This week — Both chambers of the National Assembly approved a $516.3 million syndicated loan from Deutsche Bank AG to fund Phase 1A and 1B of the Sokoto–Badagry Superhighway project
The government maintains that the borrowed funds are being channelled into infrastructure, healthcare, education, housing, and security investments it argues will generate long-term returns for the Nigerian economy.
Nigeria’s Debt, The Numbers Are Hard to Ignore
Official figures paint a sobering picture. Nigeria’s total public debt stood at approximately ₦97 trillion at the close of 2023. By the end of 2024, that figure had surged to ₦144.67 trillion, driven by new borrowings and the devastating collapse of the naira against major global currencies.
More recent estimates now place the country’s total debt burden at around ₦159 trillion in 2026 a trajectory that has alarmed economists, opposition politicians, and civil society groups who warn that an increasingly large share of government revenue is being swallowed by debt servicing rather than public services.
Critics argue that the cycle of borrowing leaves progressively less money available for healthcare, education, electricity, and job creation the very sectors most Nigerians depend on daily.
Tinubu Unbothered But the Debate Rages On
Despite the mounting criticism, the President appears resolute. His “borrowing is not leprosy” framing was a deliberate attempt to reposition public perception around debt arguing that responsible borrowing for development is a globally accepted economic tool, not a sign of failure.
Whether Nigerians agree will likely become one of the defining questions of the 2027 election campaign. For a broader perspective on Nigeria’s debt trajectory, visit the Debt Management Office Nigeria and the World Bank Nigeria page.
📌 Want more on Nigeria’s economy and government spending? Read our latest economic and political updates here.
