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From Obasanjo to Buhari… how FG’s debt profile surged 86.8% to N26.9trn in 21 years
Nigeria’s public debt has been on the rise. Despite securing debt relief during the Olusegun Obasanjo-led administration, successive governments have continued on a borrowing spree — the federal government’s component of the public debt surging 86.8 percent to N26.9 trillion in the last 21 years.
This has raised concerns among Nigerians on the debt sustainability of the country amid dwindling revenue to meet the debt obligations to creditors.
Within two weeks, the senate approved three different loan requests by President Muhammadu Buhari.
On July 7, 2021, the upper chamber approved a loan request of N2.343 trillion, approximately $6 billion and another $8.3 billion and €490 million.
Defending one of the loan requests, the Debt Management Office (DMO) said it is part of a borrowing plan for the 2021 budget.
“The proposed new capital raising is the new external borrowing provided in the 2021 Appropriation Act to part finance the deficit in the budget. In other words, the new capital raising has already been approved in the budgetary process by the executive and legislative arms of government,” the DMO had said in a statement.
As of March 2021, Nigeria’s total public debt has hit N33.1 trillion ($87.24 billion) — an accumulation of borrowings from successive governments, of which most were borrowed since the return to democratic rule in 1999.
The overall public debt is the total debt accrued by federal, states, and the FCT from local and international lenders.
Of the N33.1 trillion, the federal government alone borrowed N26.91 trillion — this includes the FGN bonds, Sukuk, green bonds and Euro bonds.
Finally, after weeks of data aggregation, number crunching, dissecting and analyses of freedom of information (FOI) response from the Debt Management Office (DMO), TheCable presents findings that highlight how Nigeria’s aggressive borrowing defies its fiscal responsibility laws.
The analyses also include data from the DMO, National Bureau of Statistical (NBS), and fiscal papers from the Budget Office of the Federation.
FG DEBT CLIMBED 86.8% TO N26.9 TRILLION IN 21 YEARS
Data from the DMO seen by TheCable showed that federal government borrowings (local and foreign debt) climbed from N3.55 trillion in 1999 to N26.91 trillion at the end of March 2021 (the country’s latest official figure).
This represents an 86.8 percent increase in 21 years, comprising the administrations of Olusegun Obasanjo, Umar Musa Yar’Adua, Goodluck Jonathan, and the current Muhammadu Buhari.
From Obasanjo to Buhari… how FG’s debt profile surged 86.8% to N26.9trn in 21 years
HOW MUCH BUHARI BORROWED IN 6 YEARS
The Budget Office’s medium-term expenditure framework and fiscal strategy paper from 2015 showed that the Buhari-led administration incurred N7.63 trillion in domestic debt from June 2015 to December 2020.
On external borrowings, President Buhari increased debt from $7.3 billion in 2015 to $28.57 billion as of December 2020. This means that the president incurred $21.27 billion on foreign loans to the country’s debt portfolio.
The country’s exchange rate moved from N197 to a dollar in 2015 to N381 at the end of December 2020.
Analysis of consolidated debt showed that the external debt increased by 291.37 percent while domestic debt grew by 86.31 percent in the last six years of the Buhari government.
Overall, the Buhari-led government has had an accumulated debt of N17.06 trillion as of March 2021, using the N381 exchange rate. This represents a 173.2 percent increase from when he was elected president in 2015.
public debt
DEBT PROFILE UNDER JONATHAN’S ADMINISTRATION
At the beginning of former President Goodluck Jonathan’s tenure in 2011, the federal government had an accumulated debt of N6.17 trillion.
Analysis of the debt figure showed that local debt amounted to N5.62 trillion while foreign debt stood at $3.5 billion (about N548.65 billion, using the exchange rate of N156.7/$1).
By the end of 2015, the foreign debt component hit $7.3 billion, while domestic debt increased by N8.4 trillion. The country’s exchange rate also stood at N197/$1.
Overall, the federal government component of the total public debt increased from N6.17 trillion in 2011 to N9.8 trillion in 2015, representing an increase of N4.18 trillion or 74.37 percent.
public debt
YAR’ADUA/JONATHAN’S BORROWINGS
Under the Umar Musa Yar’Adua/Goodluck Jonathan-led government between 2007 and 2011, domestic debt of the federal government moved from N2.17 trillion to N5.62 trillion. The foreign component of the debt also increased from $2.11 billion to $3.5 billion within the period.
The country’s exchange rate also moved from N116.8/$1 to N156.7/$1.
The combined debt profile increased from N2.42 trillion to N6.17 trillion in four years, representing a 155 percent jump.
Of the debt figure, Jonathan completed the tenure from May 2010 to May 2011 after the death of Yar’Adua. The period saw a surge in the federal government’s debt from N4.94 trillion to N6.17 trillion. This represents a 37.4 percent increase in one year.
OLUSEGUN OBASANJO’S TENURE
During the tenure of former president Olusegun Obasanjo, the debt level of the federal government reduced from N3.55 trillion in 1999 to N2.42 trillion at the end of 2007.
The 8-year term of Obasanjo resulted in a dip in FG’s local and foreign debt level, representing a 32 percent decline.
The country’s exchange rate was between N98.02 to N116.8 to a dollar during the tenure.
Analysis of the figures showed that external debt decreased from $28.04 billion by 1999 to $2.11 billion at the end of 2007. However, the domestic component increased from N798 billion to N2.17 trillion within the same period.
The huge decline in foreign debt was a result of the substantial reduction following the pay-off of the outstanding debts owed to the London Clubs of Creditors in the first quarter of 2007.
BUHARI, NIGERIA’S BIGGEST BORROWER, VIOLATING FINANCIAL LAWS
So far, Buhari is the country’s biggest borrower, increasing public debt (FG component) by more than 173 percent. Next to the Buhari government is the Yar’Adua/Jonathan administration with a 155 percent surge in borrowing.
The current government violates important financial laws in the country — the Fiscal Responsibility Act, and the CBN Act 2007.
Last year, the government exceeded the fiscal borrowing threshold as stipulated in the fiscal act.
Zainab Ahmed, minister of finance, budget and national planning, admitted to this on the grounds that COVID-19 was good enough reason to breach the act.
The fiscal responsibility law provides a limit of three percent debt threshold for sustainability, but the president can “exceed the ceiling if there is a clear and present threat to national security or sovereignty of Nigeria”.
In 2020, the country’s budget deficit was at about four percent of GDP, clearly breaking the law.
On overdraft, section 38, sub-section 1 and 2, of the CBN Act, said, “the Bank may grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue” and “the total amount of such advances outstanding shall not at any time exceed 5 percent of the previous year’s actual revenue of the Federal Government”.
By the end of 2020, CBN overdrafts to the Buhari government exceeded the limit by 69 percent of the revenue generated in 2019 – in a blatant violation of the apex bank rules. The government’s revenue in the year was N4.1 trillion, and overdraft stood at N2.9 trillion.
Also, Nigeria’s borrowing limit as a percent of GDP stood at 34.8 percent in 2020, well above 25 percent for the year. Earlier this year, the federal executive council (FEC) had strategically raised the borrowing limit to 40 percent in its Medium-term debt management strategy for Nigeria for the period 2020-2023.
While Nigeria’s debt-to-GDP is lower than those of its peers, its debt-to-revenue is too low to sustain the country. Of every N100 government makes in revenue, N97 now goes to debt servicing.
In the last four administrations, only Obasanjo’s team reduced public debt; his government recorded a 32 percent decline with the London Club agreement.
INCREASING PUBLIC DEBT WORRYING
While borrowing is required to support the economy, sustainability transparency and sustainable repayment plan are crucial.
Femi Oke, an economist, said Nigeria’s soaring high debt profile is not good for the country.
“The Nigerian government borrows in the worst possible way and in a very outdated manner. This causes a backlash to the government. Because Nigeria’s debts are not linked to any assets, we just go to the treasury bill market and borrow, at any rate, that anybody wants to give you,” he said.
“There are many other countries who borrow more than what Nigeria is borrowing and don’t have any problem paying back. They borrow intelligently and efficiently, in a way that their debts service themselves.
“A more efficient way of borrowing is for the Federal Government to migrate all the debts to asset-linked debts. This means structuring the borrowing transaction like investments. There must be an underlying asset to which borrowers can use to recover the principal they gave the country plus profit.”
Vahyala Kwaga, senior researcher and policy analyst at BudgIT, said the level of borrowing – specifically in 2021- is the highest it has been in the last six years.
“The government is borrowing more, spending more and earning less revenue. For context, the government budgeted about N5.37 trillion in revenue in 2020 but only earned a total of N3.42 trillion,” Kwaga said.
“There is also no commensurate rise in revenue to counteract the continuing rise in debt servicing. A casual look at the debt servicing level from 2015 to 2020 shows that the level has steadily increased since then.
“These amounts include debt servicing on interests for ‘ways and means’ and ‘sinking fund to retire maturing Loans.’”
NIGERIA’S ACTUAL DEBT COULD BE 48.7TRN
Wilson Erumebor, a senior economist at Nigerian Economic Summit Group, said Nigeria is a case where expenditure keeps rising, revenue not improving as expected, creating a wide fiscal deficit that is majorly financed by borrowing.
“While borrowing is required to support the economy, especially given the impact of the pandemic, what we need to be concerned about is how sustainable Nigeria’s debt position is,” he said.
“Debt has risen N33.1 trillion as of March 2021, an increase of 162.7% in the space of about five years.
“When we include AMCON’s liabilities and CBN’s ways and means, debt could amount to about N48.7 trillion, which is around 32 percent of GDP.
“Debt to GDP may seem quite low at 32 percent, we must understand that debt is serviced with revenues, so if debt servicing is increasing and revenue is not performing, then we have a problem.”
Erumebor suggests that the federal government must improve efficiency, transparency, blocking leakages, and deliver value on public projects, despite limited resources.
“We must work towards unlocking many sectors and many areas where the country can earn revenue.”
In 2020, the International Monetary Fund (IMF) said Nigeria’s low debt-to-GDP ratio is highly vulnerable to shocks.
“Despite Nigeria’s relatively low debt level, liquidity-based indicators-driven by low revenue mobilisation-remain concerning, with the interest bill representing a high share of government revenue (but low relative to GDP),” IMF said in its country’s report for Nigeria.
“Stress scenarios confirm the vulnerability of public debt to a low growth/wide primary deficit scenario. The interest-to-revenue ratio is particularly vulnerable to a real interest rate shock but remains sustainable.”
Recently, market researchers at United Capital also expressed concern over the country’s rising debt sustainability risk. “The government has historically justified its rising debt profile by the compliant debt-to-GDP ratio of less than 30.0%,” the research firm said.
“However, we reiterate our position that the FG’s debt service cost as a percentage of revenue is a fairer reflection of the country’s debt sustainability position.”
At an overall public debt of N33.1 trillion ($87.24 billion), the implication remains that every Nigerian owes both local and foreign organisations N165, 500.
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Jetour Nigeria displays hi-tech, luxury, art at Abuja Experience
Jetour Nigeria displays hi-tech, luxury, art at Abuja Experience
Jetour Nigeria has turned its Abuja Experience into a colourful fusion of hi-tech automobiles, luxury and art, attracting automobile enthusiasts, prospective buyers and art lovers to an exhibition designed to showcase a new dimension of motoring and lifestyle.
The three-day event, which opened on Tuesday at the Maha Event Centre, Area 8, Garki, Abuja, has brought together an impressive collection of Jetour SUVs and new-generation vehicles, alongside art displays that added colour and creativity to the automobile showcase.
Rather than a conventional vehicle exhibition, the Abuja Experience offered visitors an opportunity to interact with Jetour’s technology-driven vehicles, examine their luxury features and immerse themselves in an artistic presentation that appealed to both young and older enthusiasts.
Among the vehicles on display are the Jetour X50, X70 Plus, X70 PHEV, X90 Plus, T2, T2 PHEV, Dashing, Rely R8, G700, as well as the newly introduced T1 and F700.
The event, which ends today, Thursday, September 24, is the latest stage in Jetour Nigeria’s strategy of taking its products closer to customers while strengthening its presence in Abuja, the Federal Capital Territory and neighbouring states.
On the first day, discussions centred on Jetour’s product philosophy, technology, safety and the changing preferences of Nigerian motorists.
Speaking during the first panel session, Managing Director of New Era AutoVehicle Services, Kemi Koyejo, said Jetour’s growing product portfolio was designed to cater for the diverse needs of Nigerian motorists.
Koyejo described Jetour vehicles as a combination of luxury, safety and technology, stressing that there was “no one-size-fits-all product” because motorists have different needs and lifestyles.

She explained the philosophy behind the Jetour name—“Jet plus Tour”—saying the brand was intentional about making mobility more enjoyable.
According to her, Jetour was “forward-looking”, with a product strategy covering petrol-powered vehicles, hybrids and plug-in hybrid technologies under its corporate tagline, “Drive Your Future.”
Executive Director, Elizade Nigeria Limited, Dr Ademola Philip-Adewunmi, identified after-sales support and spare-parts availability as critical to sustaining Jetour’s growth in Nigeria.
He disclosed that Jetour had sold about 1,000 units in Nigeria within three years, adding that motorists were increasingly researching and comparing vehicles before making purchasing decisions.
He said buyers now demanded a combination of aesthetics, technology, connectivity, performance and value for money.
Adewunmi also disclosed that Jetour vehicles come with a five-year or 150,000-kilometre warranty, while customers have access to trade-in opportunities.
On safety, Corps Commander Cherries Muta of the Federal Road Safety Corps said technologies deployed in Jetour vehicles, including sensors and driver-warning systems, could contribute to safer driving.
Art meets automobile
The second day introduced another dimension to the experience, as artworks were displayed alongside Jetour’s vehicles, creating a meeting point between automotive design, technology, luxury and contemporary art.

The art exhibition attracted an audience comprising young and older lovers of quality automobiles and art, with the producers explaining the concepts and intentions behind the works.
The presentation added a creative and cultural dimension to the automobile showcase, with visitors moving between the vehicles and artworks while engaging with the artists and exploring the ideas behind their creations.
The event also featured cultural performances and a second panel session focusing on mobility entrepreneurship and emerging opportunities across Nigeria.
Jetour Vice President, Yuan Anguo, thanked Nigerian customers for their confidence in the brand, assuring them that the company remained committed to developing its business in Nigeria and across Africa.

The Abuja Experience, according to the organisers, is part of Jetour Nigeria’s broader effort to deepen customer engagement, expand its market presence and present mobility not simply as transportation, but as an experience combining technology, comfort, lifestyle and creativity.
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NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary
NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary
The Nigeria Labour Congress (NLC) has backed demands by public-sector workers for the Federal Government to reduce the price of petrol to ₦500 per litre, while the workers have proposed a minimum monthly salary of ₦500,000 for Grade Level 01, Step 1 officers under a new public-service salary structure.
The demands were contained in a letter by the Trade Union Side of the Joint National Public Service Negotiating Council (JNPSNC) to President Bola Ahmed Tinubu, amid renewed concerns over rising fuel prices and the worsening cost-of-living crisis.
The workers gave the Federal Government until September 30, 2026, to respond to their demands, which cover petrol prices, wage awards, salary reviews and negotiations for a new wage structure.
The JNPSNC called for an intervention capable of bringing the petrol pump price down to ₦500 per litre, arguing that the rising cost of fuel has significantly increased transportation expenses and contributed to higher prices of food and other essential goods and services.
The demand comes amid another increase in petrol prices in Nigeria, with pump prices rising in several parts of the country following higher crude oil prices in the international market.
The labour movement has argued that the impact of rising fuel costs extends beyond motorists, as increased transportation and energy expenses raise the cost of moving agricultural produce, manufacturing goods and other commodities.
The NLC has therefore called for measures to cushion workers and households from the effects of the latest price increases.
On wages, the JNPSNC proposed a new salary structure under which a Grade Level 01, Step 1 public servant would earn ₦500,000 monthly.
The figure is important because it is a proposal by the workers, not an approved national minimum wage.
The proposed ₦500,000 salary is also specifically linked to the public-service salary structure being sought by the JNPSNC ahead of January 2027. It should not be presented as though the Federal Government has agreed to increase Nigeria’s statutory national minimum wage to ₦500,000.
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Nigeria’s current statutory national minimum wage remains ₦70,000 per month, following the 2024 wage agreement and legislation.
The workers are seeking negotiations for a new wage structure while also asking for an immediate Wage Award for employees at the Federal, State and Local Government levels as a short-term response to current economic pressures.
The proposed wage award is separate from the longer-term salary review and any future agreement on the national minimum wage.
The JNPSNC wants the National Salaries, Incomes and Wages Commission (NSIWC) to begin discussions with labour representatives and other stakeholders on the proposed wage award and salary adjustments.
The workers said rising inflation, transportation costs, food prices, housing expenses, healthcare costs and education fees had reduced the purchasing power of existing salaries.
They also called for salaries and allowances across the public service to be reviewed upward and for future salary adjustments to take inflation into account.
According to the workers, linking periodic salary reviews to inflation would help prevent employees’ earnings from losing substantial purchasing power between major wage negotiations.
The labour side also demanded subsidised transportation and affordable housing for public servants as part of measures to ease the pressure on workers.
On the petroleum sector, the workers backed calls for greater availability of crude oil in naira to local refineries, arguing that increased domestic refining and local crude supply could reduce exposure to international oil-market shocks.
The NLC has previously advocated measures to strengthen local refining and improve domestic energy security as part of efforts to reduce pressure on consumers.
The workers also rejected the idea of relying mainly on food palliatives to address the hardship, arguing that temporary relief does not adequately compensate for the loss of purchasing power caused by higher transportation and living costs.
They instead called for measures that would address the underlying drivers of the rising cost of living.
The latest demands come as the downstream petroleum market faces renewed price pressure despite increased domestic refining capacity.
Higher international crude prices have raised input costs for refiners, contributing to increases in the wholesale and retail prices of petrol.
The development has renewed debate over how much protection Nigeria’s expanding domestic refining capacity can provide against global oil-price movements.
For organised labour, however, the immediate concern is the effect of higher fuel prices on workers and households.
The JNPSNC expects the Federal Government to respond to its demands by September 30, while also looking ahead to negotiations for a new salary and wage framework from January 2027.
The council has indicated that it expects the President’s forthcoming Independence Day address to address some of the concerns raised by workers.
The proposed ₦500,000 salary therefore remains a labour demand awaiting negotiation and possible government consideration. It is not the current national minimum wage and does not mean that all Nigerian workers are automatically entitled to ₦500,000 monthly.
Similarly, the proposed ₦500 petrol price is a demand for government intervention and does not represent the current regulated or prevailing pump price across Nigeria.
The labour demands reflect growing pressure from organised workers for government action as households and businesses contend with higher fuel prices, transportation costs and living expenses.
NLC Backs ₦500 Petrol Demand, Workers Propose ₦500,000 Salary
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MURIC Warns FG: Any Move Against Atiku Now Lacks Tact
MURIC Warns FG: Any Move Against Atiku Now Lacks Tact
The Muslim Rights Concern (MURIC) has warned the Federal Government against any move to arrest, interrogate or otherwise take action against former Vice-President Atiku Abubakar over a fresh petition before the Economic and Financial Crimes Commission, saying such a step at this time could send the wrong signal to Nigerians.
The warning came as the controversy over a renewed call for the EFCC to investigate allegations dating back to Atiku’s tenure as Vice-President intensified, with opposition figures and the petitioner trading sharply different arguments over the matter.
In a statement issued on Tuesday, September 22, 2026, MURIC Founder and Executive Director, Professor Ishaq Akintola, said the government should exercise caution, particularly with the 2027 general elections approaching.
According to MURIC, the renewed allegations have assumed greater sensitivity because Atiku is now the presidential candidate of the African Democratic Congress and a leading opposition figure.
“We warn that such an attempt at this point in time will send the wrong signal to Nigerians,” the group said, adding that with the 2027 elections “at the doorsteps,” the Federal Government should carefully consider the consequences of any action against the former Vice-President.
MURIC described any such move as lacking tact and “short” of emotional intelligence, while urging the government to avoid conduct that could create the impression that state institutions were being used against political opponents.
The organisation also warned against what it described as a damaging “body language” capable of portraying Nigeria as a “banana republic.”
MURIC said that although the country had already lost some ethical ground, its democratic values and norms remained important safeguards that should not be compromised.
“Our corporate image in the global community is sinking fast,” the group added.
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The statement followed renewed controversy over a petition by former House of Representatives member, Ehiozuwa Agbonayinma, asking the EFCC to revisit allegations concerning Atiku’s activities while he was Vice-President.
Reports indicate that the petition relates to allegations investigated by the EFCC between 2005 and 2006. Agbonayinma reportedly gave the anti-graft agency a 14-day ultimatum to act and threatened legal action if the commission failed to respond.
Former Senator Dino Melaye has strongly opposed the renewed petition, describing it as an attempt to “resurrect the dead.” Melaye argued that the matter had previously been dealt with and questioned the basis for bringing it back almost two decades later.
The dispute, however, has escalated beyond the original petition, with Agbonayinma hitting back at Melaye and challenging him to produce documentary evidence for his claim that the allegations had been investigated and dismissed.
In a statement reported on September 20, Agbonayinma insisted that he was asking the EFCC to perform its statutory responsibility and argued that the substance of the allegations should be addressed rather than his personality or political affiliation.
“You cannot defend Atiku Abubakar from an EFCC petition by attacking me,” Agbonayinma was quoted as saying, while urging the anti-graft agency to determine whether the allegations warranted further investigation.
The renewed controversy has also brought attention to the distinction between a petition seeking investigation and a finding of criminal guilt. The existence of a petition does not, by itself, establish that the person named in it committed an offence.
There is also a historical legal dimension to the allegations. Reports on the previous proceedings state that a Lagos State High Court set aside an EFCC administrative indictment against Atiku in December 2006, while no criminal conviction against him resulted from the allegations.
Atiku has continued to deny wrongdoing and has challenged anyone with credible evidence against him to present it through the appropriate legal channels.
Meanwhile, there was no confirmed announcement from the EFCC, as of the latest reports reviewed, that it had arrested Atiku or formally invited him over the fresh petition. A separate and more recent EFCC investigation reported on September 20 concerns individuals connected to allegations surrounding the Mambilla Power Project, which is distinct from the 2005–2006 allegations at the centre of the present political dispute.
The MURIC intervention has therefore added a fresh dimension to an increasingly heated political controversy, with the organisation urging the Federal Government to exercise restraint and protect public confidence in Nigeria’s democratic institutions.
With the 2027 elections approaching, the dispute over the renewed EFCC petition is expected to remain a significant political issue, particularly if the anti-graft agency decides to take further steps.
For MURIC, however, the timing of any action is crucial. The organisation wants the Federal Government to ensure that whatever steps are taken by law-enforcement agencies are grounded in due process and do not create the perception of political persecution.
The group’s central warning is that Nigeria must guard its democratic reputation and avoid actions that could further erode public confidence in its institutions at a particularly sensitive period in the nation’s political calendar.
MURIC Warns FG: Any Move Against Atiku Now Lacks Tact
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