The government led by President Bola Tinubu has attributed the increasing debt in Nigeria to the decline of the naira. A spokesperson for the president, Sunday Dare, noted that the value of existing foreign debt rises as the currency adjusts, regardless of whether new loans are taken.
On Tuesday, the Tinubu administration responded to criticisms suggesting that the country is accumulating debt irresponsibly. Mr. Dare stated that Nigeria's total public debt has not changed since March, remaining at ₦149.39 trillion as of March 31, 2025, according to the Debt Management Office.
He further clarified that the increase in debt observed from last year is not due to reckless borrowing but mainly a result of the naira’s depreciation. Dare emphasized that as the currency falters, it affects the naira value of external debts.
In his remarks, he pointed out that Nigeria's debt-to-GDP ratio is still a manageable 40–45 percent, which is significantly lower than South Africa's 70 percent and Ghana's debt exceeding 90 percent. Dare mentioned that the real issue lies in generating revenue, rather than excessive borrowing. He expressed optimism that revenue is on the rise, which will enhance the government's ability to meet its obligations.
Mr. Dare reiterated that borrowing can be a valid strategy for driving growth and reform. However, his comments sparked a wave of reactions from social media users who disagreed with his perspective on the nation's debt situation. One user on X, @Iam_arizona, questioned which administration led to the naira’s depreciation and asked how much the current government has borrowed, stating, 'If you're defending Tinubu, you sound foolish.'
Another user, @Orewae, chimed in, pointing out that the government is not popular and that the current leadership style is frustrating for many Nigerians, asking, 'Who caused the naira to depreciate?' Meanwhile, @udoetuknyanah noted that the naira has strengthened for most of the year, suggesting that the debt should decrease if the government claims to have increased its revenue.
Additionally, @luvfemi2015 remarked on the government's harsh policies, stating that only sycophants support this administration, while '99.9 percent of Nigerians dislike this cruel government.'