Tinubu’s Fiscal Reforms Help Keep Nigeria Off List of Most Indebted Countries, Says Jimoh Ibrahim

Nigeria’s absence from the list of the world’s most indebted nations reflects disciplined fiscal coordination and economic reforms under President Bola Tinubu, according to Senator Jimoh Ibrahim, who represents Ondo South and is also an ambassador-designate.

Ibrahim said data from international debt trackers show that while several advanced economies have debt burdens above 300 per cent of GDP, Nigeria does not feature among the most indebted countries globally or in Africa’s top ten, despite concerns about borrowing patterns.

Addressing ongoing debates about Nigeria’s public debt profile, Ibrahim emphasised that critics who expected “reckless borrowing” under the Tinubu administration have been proven wrong. He highlighted that reforms such as fuel subsidy removal and exchange-rate unification have been crucial in stabilising public finances and preventing excessive borrowing.

Ibrahim acknowledged that while Nigeria continues to access credit for infrastructure and development projects, such borrowing remains within manageable thresholds and is aligned with revenue reform efforts designed to boost fiscal capacity. He said the strategy reflects deliberate policy choices rather than unchecked accumulation of debt.

Nevertheless, he warned that fiscal risks remain, noting that sustainability depends on improving non-oil revenues, boosting exports and enhancing public sector efficiency. He stressed that continued structural reforms would strengthen Nigeria’s economic fundamentals and further demonstrate the resilience of its debt profile.

Share to: