The Nigerian Presidency has addressed concerns over the country’s rising international debts, stating that the opposite is currently the case. According to Dr. Tope Fasua, Special Assistant to the Presidency on Economy, Nigeria’s debts have decreased by 39% since the current administration took office in 2023. Fasua noted that the country is actually “under-borrowing” at 39% of GDP.

The Debt Management Office (DMO) reported that Nigeria’s external debt stood at approximately $45.97 billion as of Q1 2025, representing a 26.07% year-on-year increase. However, Fasua argued that the country has a significant infrastructural gap that needs to be filled through borrowings to meet project demands. He cited the example of roads that need to be built across the country and the importance of funding infrastructure to reduce multidimensional poverty.

Fasua also addressed the issue of inflation, stating that the rate is heading towards a single digit and will translate to better living conditions for the masses. The National Bureau of Statistics reported that the inflation rate eased to 20.12% in August 2025, compared to 21.88% in July 2025. Fasua attributed the drop in inflation to the stabilization of the exchange rate and the increase in crude oil prices.

The naira has also appreciated, trading at around N1,400 to the US dollar. Fasua noted that this is a remarkable development, and the stabilization of the exchange rate is a key driver of reduced inflation. He also mentioned that crude oil prices are increasing, which is another factor contributing to the reduction in inflation.

In response to former Vice President Atiku Abubakar’s claim that Nigerians are dying of hunger, Fasua described it as a political statement. He emphasized that the current government’s achievements should be focused on, rather than making emotional claims. Fasua stated that the rebasing of inflation data has provided a true picture of the country’s economic situation, and the consistent drop in inflation is a positive sign.

Overall, the Nigerian Presidency has assured citizens that the country’s debt management is not a cause for concern and that the inflation rate is decreasing. The government is focused on funding infrastructure to reduce multidimensional poverty and improve living conditions for the masses.