FACT CHECK: Verifying Reno’s Claim That Tinubu Inherited $113bn Debt

Nigerian Debt Figures Contested as Officials Present Conflicting Data

Former presidential aide Reno Omokri has sparked controversy by claiming that President Bola Tinubu has reduced Nigeria’s national debt from $113 billion to $103.9 billion since taking office. The assertion, made via his X (formerly Twitter) account, directly challenges criticisms about the current administration’s borrowing practices.

“The truth is that President Tinubu inherited a huge debt burden of $113bn from President Buhari and has reduced the total public debt he inherited to $103.9bn,” Omokri wrote. He suggested this reduction might explain why The Economist recently reported that Nigeria’s “golden years” could return due to Tinubu’s economic reforms.

Omokri’s statement came in response to accusations from Senator Dino Melaye, who claimed that while “Buhari with subsidy borrowed N83 trillion in eight years,” Tinubu has allegedly borrowed “N158 trillion in three years” despite eliminating fuel subsidies.

However, official data from Nigeria’s Debt Management Office (DMO) presents a different picture. According to DMO records, Nigeria’s total public debt stood at $108.29 billion (N49.85 trillion) as of March 31, 2023—shortly before Tinubu took office on May 29, 2023. This figure was calculated using an exchange rate of N460.85 to the dollar.

By September 2025, while the dollar value of the debt had indeed decreased slightly to $103.93 billion, the naira value had surged dramatically to N153.29 trillion. This disparity highlights the significant impact of currency depreciation, with the exchange rate plummeting to N1,474.85 per dollar.

Financial analysts note that the apparent reduction in dollar-denominated debt doesn’t necessarily indicate successful debt management. Rather, it reflects the complex interplay between foreign exchange fluctuations and Nigeria’s borrowing patterns. The substantial increase in naira terms represents a growing burden on the national economy despite the nominal decrease in dollar value.

For historical context, former President Muhammadu Buhari inherited a total public debt of $63.50 billion (N12.06 trillion) when he assumed office in 2015. During his eight-year tenure, the nation’s debt burden grew significantly, continuing a trend that has persisted across multiple administrations since 2012, when Nigeria’s total public debt stood at $48.49 billion.

Nigeria’s rising debt profile has become a contentious political issue, with opposition figures highlighting the country’s increasing reliance on borrowing. Economic experts have expressed concerns about debt sustainability, particularly as the naira continues to weaken against major currencies.

The DMO data contradicts both politicians’ claims, revealing that neither Omokri’s assertion about the inherited debt amount nor Melaye’s figures about current borrowing levels align with official records.

This public disagreement underscores broader challenges facing Nigeria’s economy, including currency instability, increasing debt servicing costs, and the struggle to balance infrastructure development with fiscal responsibility. The debate comes as Nigeria attempts to navigate economic reforms aimed at stabilizing its finances and attracting foreign investment.

The Tinubu administration has defended its economic policies, arguing that necessary structural changes will yield long-term benefits despite short-term challenges. Meanwhile, watchdog organizations continue to call for greater transparency in Nigeria’s debt management practices and clearer communication about the nation’s financial position.

As Nigeria’s debt conversation continues, the significant disparity between dollar and naira valuations of the same debt illustrates how currency dynamics can complicate public understanding of the country’s true financial situation.