Analyst Kalu Aja Criticises Tinubu Administration Over Rising Borrowing
Financial analyst Kalu Aja has criticised the borrowing pattern of President Bola Ahmed Tinubu’s administration, alleging that the government is taking new loans mainly to repay existing debts rather than funding major development projects.
Aja made the comment in a post on his X account, where he compared Nigeria’s borrowing history under different administrations since independence.
According to him, former Prime Minister Tafawa Balewa borrowed funds to finance major infrastructure projects such as the Kainji Dam, while the current administration is borrowing to service previous debts.
“Tafawa Balewa borrowed to build Kainji Dam… Tinubu is borrowing to repay borrowing,” Aja wrote.
His remarks come amid ongoing concerns over Nigeria’s rising debt burden.
Figures from the Debt Management Office (DMO) showed that Nigeria’s total public debt reached about N159 trillion by the end of 2025. However, with additional borrowing requests approved by the National Assembly under the Tinubu administration, the country’s debt profile has continued to increase.
In April 2026, President Tinubu sought legislative approval for a $516.3 million loan from Deutsche AG. This followed earlier requests for a $6 billion facility from Abu Dhabi Bank and another $1 billion loan from the United Kingdom through Citibank.
The growing debt level has sparked debate among economists and analysts, with some arguing that borrowing can support economic growth if invested in productive sectors, while others warn about the long-term impact of increased debt servicing costs on government finances.
