Nigeria Turning Into a Debt-Dependent Nation – Dino Melaye Raises Alarm
Story: written by Daniel March 26,2026
Former Kogi West senator, Dino Melaye, has criticized Nigeria’s rising debt profile, describing the country as increasingly reliant on borrowing.
In a statement shared via his verified X account on Thursday, the outspoken politician compared borrowing trends under past and current administrations.
He noted that during the tenure of former President Muhammadu Buhari, Nigeria reportedly accumulated about N83 trillion in debt over eight years, despite maintaining a fuel subsidy regime.
Melaye, however, expressed concern that under President Bola Tinubu, the country has borrowed an estimated N158 trillion within just three years, even after the removal of fuel subsidies.
He questioned the utilization of the borrowed funds, asking: “Where exactly is the money being channeled?”
Data indicates that Nigeria’s total public debt has surged significantly in recent years. By December 2024, the figure reportedly climbed to about N144.67 trillion (approximately $94.23 billion), up from N87.379 trillion recorded in June 2023.
The borrowing spree includes multiple external loans, notably from the World Bank, totaling around $7.2 billion, alongside a N1.15 trillion domestic loan aimed at financing the 2025 national budget.
Melaye’s remarks add to ongoing debates over Nigeria’s fiscal direction and the sustainability of its growing debt burden.
