June 11, 2026
Emma Ujah, Abuja Bureau Chief
As the debate over frequent borrowings by the current administration rages, Think Business Africa, a policy and communications group, has described Late President Muhammadu Buhari, not Bola Tinubu as the largest borrower, since the current democratic era from 1999 to date.
The Tinubu administration has been criticised for its continuous borrowings, despite the removal of fuel subsidy and tax reforms that have significantly increased government revenue in the last three years.
The group explained in a report released, today, that the sharp rise in the Naira amount of the nation’s debt stock was due more to the Naira revaluation in 2023 which suddenly increased the foreign component of the debt, rather than the amount of new loans taken by the administration.
