NOA Claims Nigeria’s Public Debt Trend Shows Sharp Decline Under Tinubu Administration
Story : written by Joseph Oafor October 27,2025
The National Orientation Agency (NOA) has asserted that Nigeria’s overall debt burden has reduced substantially since President Bola Tinubu assumed office in 2023, countering public perception that the nation’s debt continues to increase.
In a detailed briefing issued on October 24, the agency described circulating claims of a growing debt crisis as misinformation. It referenced data from the Debt Management Office (DMO), Central Bank of Nigeria (CBN), Federal Ministry of Finance, Federal Inland Revenue Service (FIRS), National Bureau of Statistics (NBS), as well as international financial institutions including the International Monetary Fund (IMF) and the World Bank.
According to the NOA, Nigeria’s total public debt was estimated at $113.42 billion in June 2023, with a debt-to-GDP ratio below 40 percent, which is considered a sustainable threshold by global standards. The agency stated that by December 2024, the debt figure had dropped to about $94.22 billion, reflecting a decrease of more than $19 billion over an 18-month period.
The NOA credited this decline to more prudent debt administration, including repayment of existing loans and limited accumulation of fresh liabilities. The agency described the approach as a demonstration of fiscal responsibility.
Contrary to these assertions, data published by the DMO on October 12 placed the nation’s total public debt at N152.39 trillion as of June 30, representing a 2.01 percent rise from its March figure of N149.39 trillion. Economic analysts attribute the divergence between both figures to currency value fluctuations and the difference between dollar-based reporting and naira-denominated calculations.
The NOA further reported that the current administration has adhered to loan repayment commitments, including settling a $3.26 billion IMF facility within two years and directing roughly $7 billion to external debt servicing within the first year and a half of President Tinubu’s tenure.
Despite these improvements, the agency acknowledged ongoing structural challenges linked to Nigeria’s dependence on crude oil revenues. Efforts have reportedly intensified to expand the country’s non-oil revenue base through tighter tax enforcement and reduced financial leakages.
The agency disclosed a 30 percent rise in non-oil revenue in the first half of 2024 compared with the same period in 2023. It also cited enhanced performance by the Nigeria Customs Service, which collected N1.3 trillion in the first quarter of 2025, more than double its N600 billion collection during the corresponding quarter in 2023.
The NOA stated that the economy is recovering with World Bank projections of 3.7 percent GDP growth in 2024. It highlighted targeted investments in infrastructure, agriculture, digital technology, and small and medium-scale enterprises aimed at sustaining long-term growth independent of the oil sector.
