The Chairman of the Alliance for Economic Research and Ethics LTD/GTE, Dele Oye, has raised concerns over Nigeria’s rising public debt profile, stating that the current administration has significantly accelerated borrowing levels.
Oye, who is also the immediate past Chairman of the Organised Private Sector of Nigeria (OPSN), said the federal government has borrowed about N65.9 trillion within the last 24 months—more than five times the total debt accumulated in Nigeria’s first 55 years after independence.
He compared this with historical figures, noting that total public debt rose modestly over decades before recent sharp increases. According to him, Nigeria’s total public deaabt now stands at N159.28 trillion as of April 2026, based on data from the Debt Management Office, translating to an estimated N670,000 per citizen.
He further explained that Nigeria’s debt stock rose from N12.06 trillion to N87.38 trillion within eight years, representing a 620 per cent increase. He also referenced the Central Bank of Nigeria’s “Ways and Means” advances, stating that N23.7 trillion was later converted into long-term bonds, a move he described as transforming short-term government borrowing into long-term fiscal obligations. Oye warned that the rapid expansion of the debt profile reflects increasing fiscal pressure and raises concerns about long-term debt sustainability.
