The National Orientation Agency (NOA) has stated that Nigeria’s debt profile has significantly declined since President Bola Ahmed Tinubu assumed office in 2023, despite recent claims suggesting otherwise.
In a statement released on its X (formerly Twitter) handle, the agency clarified that data from the Debt Management Office (DMO), Central Bank of Nigeria (CBN), Ministry of Finance, and Federal Inland Revenue Service (FIRS) shows that the federal government has managed to reduce its debt stock by over $19 billion within 18 months.
According to the NOA, Nigeria’s total public debt stood at $113.42 billion as of June 2023, but by December 2024, the figure dropped to approximately $94.22 billion.
Okay News reports that the NOA described the reduction as proof of the administration’s “fiscal discipline and commitment to responsible borrowing and repayment practices.”
“The reduction in Nigeria’s debt shows that the federal government is actively managing its borrowings and repayments,” the agency stated. “Instead of accumulating more debt, Nigeria has been making down payments of some of its loans and avoiding unnecessary new borrowings. This is a positive sign of fiscal responsibility.”
The agency further explained that before Tinubu’s administration took over, debt servicing consumed nearly all of government revenue, with about 97 percent of total income going toward debt payments in early 2023.
“By the end of 2024, this ratio had improved to 68 percent and reduced further to below 50 percent by the second quarter of 2025,” the NOA noted, adding that the improvement reflects better fiscal management and increased revenue generation.
Highlighting the administration’s commitment to honouring obligations, the agency revealed that Nigeria repaid a $3.26 billion IMF loan within two years and spent about $7 billion on external debt servicing during the first 18 months of the Tinubu presidency.
While acknowledging ongoing challenges linked to the country’s dependence on oil revenue, the NOA commended the federal government’s success in boosting non-oil revenue, noting that customs and tax collections rose sharply between 2023 and 2025.
“The Nigeria Customs Service collected ₦1.3 trillion in the first quarter of 2025, more than double the ₦600 billion collected in the same period in 2023,” the statement read.
The NOA also highlighted broader economic recovery trends, citing World Bank projections that placed Nigeria’s GDP growth at 3.7 percent in 2024, one of the strongest expansions in nearly a decade.
According to the agency, ongoing investments in infrastructure, agriculture, digital innovation, and small business development demonstrate the government’s long-term plan to diversify the economy and reduce reliance on oil exports.
