The Presidency has refuted concerns that Nigeria’s foreign debt was increasing, stating that it is now the contrary.
Tope Fasua, Special Assistant to the Presidency on Economy, calmed concerns Tuesday during an interview on Channels Television’s “The Morning Brief.”
Fasua clarified that since the present administration took office in 2023, Nigeria’s borrowing had decreased by 39%.
“At 39 per cent of GDP, Nigeria is actually under-borrowing. And of course, regarding loan servicing, the last data I got last month was 64 per cent lower. In 2022, there was a point when our debt was as high as 120 per cent.
“We used all our revenues to service debts, and we had to borrow 20 per cent extra just to service that same debt.
“So currently, our debt management is not so bad. I think we are doing a great job in the area of loan management, if you ask me,” he said.
However, the administration welcomed constructive criticism, the presidential aide continued.
According to the reports, as of Q1 2025, Nigeria’s external borrowing was over $45.97 billion (N70.63 trillion).
This number reflects a 26.07% year-on-year increase from the Q1 2024 period, attributed to new government loans and the depreciation of the naira. Data on external borrowing was recorded by the National Bureau of Statistics (NBS) and supplied by the Debt Management Office (DMO).
Fusua claimed that in order to meet project requests nationwide, money had to be borrowed to close a massive infrastructure gap in the nation.
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
