Dele Momodu, a former presidential candidate for Nigeria’s main opposition Peoples Democratic Party (PDP), has alleged that the administration of President Bola Tinubu has accumulated more external debt than all previous Nigerian governments combined. Momodu, a prominent publisher, made the statement during an interview on Channels Television’s ‘Sunrise Daily’ programme, which was monitored on Wednesday.
He criticized the ruling All Progressives Congress (APC) government’s economic management, specifically questioning the impact of the borrowed funds and the feasibility of its trillion-naira budgets. “Tinubu’s government has taken more loans than all the governments of Nigeria combined. We have not seen the effects of that loan,” Momodu stated. He further accused the administration of shifting blame for economic challenges onto its predecessor, the Muhammadu Buhari government, despite the APC being the same political party.
Momodu challenged official narratives on economic stabilization. “They tell us today they are running budgets in trillions. But they forget to tell us what they have done with the trillions, and have they been able to balance the budget?” he asked, referencing the government’s claims about stabilising the foreign exchange rate.
The comments highlight persistent political disputes over Nigeria’s debt profile and economic direction. President Tinubu, who took office in May 2023, inherited a nation grappling with high inflation, a volatile currency, and a significant public debt stock. His administration has pursued various policy reforms, including the removal of fuel subsidies and the unification of the exchange rate, measures the government says are necessary for long-term stability but which have fueled short-term hardship.
According to the Debt Management Office, Nigeria’s total public debt stood at approximately N42 trillion ($108 billion) at the end of 2023, a figure that has steadily risen over decades. Critics argue that the debt burden is unsustainable and that borrowed funds have not translated into visible infrastructure or social development.
Momodu’s assertion that the current government’s borrowing exceeds all prior combined loans is a significant claim that would require comparative analysis of historical debt accretion versus recent issuance. The Tinubu administration maintains that its policies are attracting foreign investment and laying foundations for growth, and it regularly highlights capital expenditure projects funded with borrowed money.
The public debate underscores a broader national conversation about fiscal responsibility, economic sovereignty, and the tangible outcomes of borrowing in Africa’s largest economy. As Nigeria navigates severe economic pressures, the accuracy and implications of such high-stakes political accusations will likely remain a focal point for public and analyst scrutiny. The government has not yet issued a direct response to Momodu’s specific allegations.
