•Akpabio, Oniha, Tinubu, Edun and Abbas
As the All Progressives Congress (APC) pushes back on debt sustainability concerns, the Debt Management Office (DMO), Labour Party (LP) and other stakeholders have demanded a more transparent borrowing and documentation culture.
Whereas data in the public space pegs the public debt stock as at the end of the first quarter at N149.39 trillion, the DMO, which oversees the management of the public debt, casts doubt on the transparency of the accumulation, reports The Guardian.
On its part, the Office of the Auditor-General of the Federation (OAuGF) said it is auditing the figure that is currently in the public.
The position of both the DMO and the OAuGF is not strange. A former minister of finance under late President Muhammadu Buhari, Zainab Ahmed, had explained that some of the sub-national debts fall short of full disclosure and real-time documentation.
Indeed, there are caveats in the national debt statistics in this regard, with some cautioning that some states are one year behind on updating the state of their indebtedness.
At the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) held in Abuja yesterday, the DMO Director-General, Patience Oniha, called for robust debt management practices to ensure policy decisions are based on reliable information, warning that “transparency” remains the way forward in achieving debt sustainability.
Oniha, who was represented by the Deputy Director of Policy Strategy and Risk Management, Maryam Omar, said Nigeria remains one of the largest borrowers in West Africa alongside Ghana, Côte d’Ivoire and Senegal, a status driven by rising global interest rates, volatile commodity prices, and weak domestic revenue mobilisation.
She attributed rising borrowing costs to global interest rate hikes, which have increased the cost of sourcing funds from both external and domestic markets, a problem compounded by weak domestic capacity.
She said: “Public debt in one country can transmit to others due to regional interconnectivity and global market shocks.
“High interest rates, volatile commodity prices and uncertain global economic prospects affect the management of debt across the region.”
She urged governments in the region to strengthen data systems, especially debt management information systems, while taking advantage of technical support offered by partners such as the Commonwealth Secretariat.
“Our debt structure is highly exposed to foreign currency risk. The volatility of exchange rates means external borrowing carries significant vulnerability. Strengthening revenue sources, transparency and accountability remains the only sustainable path forward,” she warned.
The Auditor-General for the Federation, Shaakaa Chira, noted that as of December 2024, Nigeria’s public debt had climbed to N143.5 trillion, comprising N68.8 trillion external and N74.6 trillion domestic components.
He noted that while the figures are still being audited, they illustrate the scale of the fiscal burden facing the country.
Speaking on the role of the Supreme Audit Institution of Nigeria, the Auditor-General said his office is committed to producing evidence-based audit reports that provide the Public Accounts Committee with factual and reliable data.
The reports, he stressed, will serve as the primary source of independent financial analysis on debt and guarantee objectivity in reporting.
“As Auditor-General, I examine compliance with borrowing laws and fiscal responsibility requirements. I assess the sustainability of debt levels and report cases where value is not derived from borrowed funds. Through performance audits, we verify whether the loans contracted deliver tangible benefits to citizens,” he said.
Chira explained that his office provides technical services to Parliament by preparing comprehensive audit reports with dedicated chapters on debt management, publishing findings in timely and accessible formats, and ensuring that misuse or misreporting of debt is exposed to the public.
“We act as the eyes and ears of the Public Accounts Committee,” he said.
“By reporting transparently, we build citizen trust and enhance the credibility of debt oversight.”
Chairperson of the Nigeria Union of Journalists (NUJ), FCT Council, Grace Ike, said the media must amplify audit findings and legislative scrutiny to ensure debt accountability is not left to parliament and auditors alone.
Abbas never accused Tinubu of reckless borrowing, says Reps panel
Still yesterday, the House of Representatives Public Accounts Committee (PAC) dismissed reports attributed to Abbas, to the effect that he accused President Bola Tinubu’s administration of engaging in reckless borrowing and accumulating unsubstantiated debts.
The committee, in a statement, described the reports as inaccurate, misleading, and false, stating that the Speaker’s remarks, delivered by House Majority Leader, Prof. Julius Ihonvbere, contained no such accusation.
The statement, signed by PAC’s Media Consultant, Joshua Afolabi, expressed regret that robust discussions on debt sustainability in the West African sub-region had been “twisted for cheap political grandstanding.”
The statement quoted the Chairman of the Public Accounts Committee of the House of Representatives, Bamidele Salam, as urging the broadcast media that covered the event to make available the full video recording of the speaker’s speech to interested persons to clear all doubts as regards the content of the speech.
“For the purpose of emphasis, there was no divergence whatsoever between the positions of the Minister of Finance and coordinating Minister of the Economy, Wale Edun and the Speaker of the House of Representatives, Dr Tajudeen Abbas, who both spoke at the event on the sustainable index of Nigeria’s current debt and macro-economic stability which flows from various ongoing reforms in Nigeria’s fiscal space”, the statement said.
But the Labour Party is not deterred by the APC’s efforts to change the narrative. Yesterday, the faction led by Nenadi Usman applauded Abbas for boldly admitting that Tinubu’s endless loan spree has driven Nigeria into dangerous waters.
The National Publicity Secretary (Interim), Tony Akeni, in a statement, challenged the Senate President, Godswill Akpabio, to rise above partisanship and join the call to halt further reckless borrowings.
“In just the first three months of 2025, Nigeria’s debt stock skyrocketed from N121.7 trillion to N149.39 trillion. This pushed the debt-to-GDP ratio to 52 per cent – well above the 40 per cent ceiling set by law.
“Even worse, within nine months, N8.93 trillion, or 61 per cent of total government revenue, was swallowed by debt servicing.
“These figures are not mere statistics,” the Labour Party said, adding: “They are a death sentence on the economic future of Nigerians, both living and unborn. For Speaker Abbas, an APC leader, to admit this much shows how unsustainable Tinubu’s borrowing has become.”
The party noted that while Abbas has been complicit in approving previous loans, his latest intervention deserves commendation rather than condemnation, because it might help slow down the APC administration’s financial recklessness.
It urged Akpabio to resist the temptation of turning his chamber into a rubber stamp for the executive.
“History will not absolve leaders who help mortgage the destiny of this nation. Akpabio must remember: a people crushed by hunger and poverty will one day rise against their oppressors,” it stated.
The LP insisted that any new loan proposal without a clear, measurable plan for infrastructure, economic growth and social impact must be rejected outright.
“Nigeria cannot continue piling up debts just to fund waste, luxury, and political patronage. The time to put Nigeria first is now,” the statement noted.
The debt sustainability debate comes barely a week after the President told Nigeria that his administration has stopped borrowing as it meets its revenue target.
In the same week, the DMO issued new bonds in line with its monthly auction programme that is meant to fund over N14 trillion fiscal hole in the 2025 budget.
Presidency: Nigeria’s debt profile sustainable despite currency depreciation
Dismissing claims in some quarters that the current administration was engaging in reckless borrowing, particularly in reaction to former Kogi West Senator, Dino Melaye, the Special Adviser to the President on Media and Public Communication, Sunday Dare, said the ex-lawmaker had chosen “spectacle over substance.”
Melaye, while speaking on Arise Television on Monday, accused Tinubu of borrowing more aggressively than any of his predecessors.
“He has borrowed like no other president in the history of the country. If you are making more money, then why are you borrowing? We will not be surprised if the president starts borrowing from OPay and Moniepoint very soon,” he said.
Countering the claim, Dare explained that Nigeria’s rising debt figures were largely the product of currency depreciation rather than reckless borrowing.
“Here are the facts: Nigeria’s total public debt stood at N149.39 trillion as of March 31, 2025, according to the Debt Management Office. The jump from last year is not the result of reckless borrowing, but largely the arithmetic of naira depreciation,” Dare said.
The presidential aide stressed that the country’s debt-to-GDP ratio remains moderate compared to other African economies. “Nigeria’s debt-to-GDP ratio remains a moderate 40–45%, well below South Africa’s 70% or Ghana’s 90% plus. The real challenge lies in revenue mobilisation, not runaway borrowing,” Dare noted.
According to him, recent improvements in government revenue collection are strengthening Nigeria’s ability to meet its obligations, and he adds that borrowing remains a legitimate instrument for growth and reform.
“Encouragingly, revenues are improving, strengthening our capacity to service obligations. Borrowing is a legitimate tool for financing growth and reforms. What matters is sustainability, not soundbites,” he said.
Also, a former presidential aide, Reno Omokri, said Nigeria’s total debt has decreased by $16 billion under the administration of President Bola Tinubu.
In a post on X, formerly Twitter, Omokri stated that the nation’s total indebtedness, which stood at $113 billion when President Tinubu took office, has now been reduced to $97 billion.
“President Jonathan handed over a total debt of $63 billion to General Buhari. General Buhari handed over $113 billion in debt to President Tinubu. President Tinubu has reduced Buhari’s $113 billion debt to $97 billion. Only two civilian administrations have ever reduced Nigeria’s debt: the Obasanjo government and the Tinubu administration,” Omokri wrote.
