Financial expert Kalu Aja has claimed that the administration of President Bola Ahmed Tinubu is securing new loans specifically to cover previous debt obligations. Aja shared this assessment on his social media account, contrasting current fiscal strategies with those of past Nigerian leaders dating back to 1957.
Highlighting a shift in borrowing policy, Aja noted that while Prime Minister Tafawa Balewa once utilized loans for infrastructure projects like the Kainji Dam, the current government relies on credit mainly to settle outstanding debt. This assertion surfaces as public anxiety regarding the nation’s financial status intensifies.
Official records from the Debt Management Office confirmed that Nigeria’s public debt reached N159 trillion by the conclusion of 2025. Following additional loan authorizations from the National Assembly, this figure has since climbed higher. Recent fiscal actions include President Tinubu’s request for a $516.3 million loan from Deutsche AG, alongside earlier proposals for $6 billion from Abu Dhabi Bank and $1 billion from Citibank. Former Vice President Atiku Abubakar previously voiced strong opposition to the $6 billion request, labeling the move as hazardous for the economy.
