The National Orientation Agency (NOA) has announced that Nigeria’s total public debt has significantly declined under the administration of President Bola Ahmed Tinubu, citing verified data from both local and international financial institutions.
According to a statement released by the agency, Nigeria’s total public debt stock fell from $113.42 billion in June 2023 to $94.22 billion by December 2024 — representing a reduction of over $19 billion within an 18-month period.
The NOA described the development as a clear indication of improved fiscal discipline, enhanced revenue generation, and better debt management practices implemented by the current administration.
“Verified data from credible sources, including Nigeria’s Debt Management Office (DMO) and multilateral financial institutions, confirm that the country’s debt profile has been on a downward trajectory since mid-2023,” the agency stated. “This progress reflects ongoing reforms aimed at stabilizing the economy, reducing dependency on borrowing, and improving revenue performance through domestic production and export growth.”
The agency further emphasized that President Tinubu’s fiscal reforms — including the removal of fuel subsidies, efforts to unify exchange rates, and renewed focus on non-oil revenue streams — have collectively contributed to debt sustainability and improved macroeconomic indicators.
While acknowledging that Nigeria still faces challenges in foreign exchange management and inflation control, the NOA noted that the decline in public debt demonstrates “a strong foundation for long-term financial stability and investor confidence.”
Economic analysts have also observed that recent fiscal measures, including the introduction of targeted tax reforms, increased oil production output, and better debt repayment scheduling, have positively impacted the nation’s balance sheet.
The agency reaffirmed the Federal Government’s commitment to maintaining transparency in debt reporting and ensuring that future borrowings are tied to productive sectors capable of generating sustainable economic returns.
