The Nigerian Presidency has responded to concerns about rising international debt by asserting that the opposite is true. Dr. Tope Fasua, the Special Assistant to the Presidency on the Economy, said that Nigeria’s debt has fallen by 39 % since the current administration took office in 2023. He added that the country is actually “under‑borrowing,” with debt amounting to only 39 % of GDP.
According to the Debt Management Office, external debt stood at about $45.97 billion in the first quarter of 2025, a 26.07 % year‑on‑year increase. Fasua argued that this rise reflects the need to close a substantial infrastructure gap. He highlighted the necessity of borrowing to fund projects such as nationwide road construction, which he believes will help reduce multidimensional poverty.
Fasua also addressed inflation, noting that the rate is moving toward single digits and should improve living conditions. The National Bureau of Statistics reported that inflation eased to 20.12 % in August 2025, down from 21.88 % in July 2025. He attributed the decline to a stabilized exchange rate and higher crude‑oil prices. The naira has appreciated to roughly N1,400 per US dollar, a development he described as remarkable and a key driver of lower inflation.
When former Vice President Atiku Abubakar claimed that Nigerians are dying of hunger, Fasua dismissed the remark as a political statement. He urged focus on the government’s achievements, noting that the rebasing of inflation data now provides a clearer picture of the economy and that the consistent drop in inflation is a positive sign.
Overall, the Presidency assures citizens that debt management is not a cause for concern and that inflation is decreasing. The government remains committed to financing infrastructure projects to alleviate multidimensional poverty and improve living standards.
Comments are closed for this story.