Nigeria’s expenditure and debt servicing have risen sharply over the past two years, according to financial expert Kalu Aja. He noted that under President Bola Tinubu’s administration, spending increased from N6 trillion to N34 trillion, while debt servicing grew from N7 trillion to N12 trillion. Aja shared these figures on his X account, citing data from the Budget Office.
During the same period, the Tinubu administration also managed to double Nigeria’s revenue, boosting it from N7.7 trillion to N20.9 trillion. Aja described this surge as unprecedented, saying no previous Nigerian president has achieved such a rapid rise in revenues within a 24‑month span.
The heightened spending and borrowing have expanded Nigeria’s total debt profile considerably. As of June 2025, the Debt Management Office reported total debt at N152 trillion. This development follows Finance Minister Wale Edun’s announcement that Nigeria missed its 2025 revenue target.
Aja’s comments underscore the significant shifts in Nigeria’s financial landscape under President Tinubu. While the increased expenditure and borrowing have raised concerns about fiscal sustainability, the government’s ability to manage debt and spending will be crucial for the country’s economic trajectory. Monitoring fiscal policy and its impact on the economy will be essential as Nigeria navigates these challenges, and the latest developments are likely to attract close attention from international observers and investors given the nation’s importance in the African economy.
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