The Presidency has issued a warning to Nigerians against spreading baseless alarms about the country's sovereign debt, specifically targeting critics of President Bola Tinubu. According to President Tinubu's Special Adviser on Information and Strategy, Bayo Onanuga, the President and his economic team have demonstrated responsible leadership in managing the nation's debt.
This warning comes in response to a post by @StatiSense, which listed Africa's most indebted countries in 2026, based on public debt as a percentage of GDP. The list included Sudan, Senegal, Mozambique, and several other countries with debt burdens significantly higher than Nigeria's. The post sparked concerns about the country's debt profile, prompting the Presidency to defend its economic management.
Onanuga commended Tinubu and his economic team for achieving a relatively low debt-to-GDP ratio of 35.5%. He contrasted this with countries like Sudan, which has a staggering debt-to-GDP ratio of 169.1%. The Presidency's statement aims to reassure Nigerians that the country's debt burden is under control and that the economic team is making responsible decisions.
The @StatiSense post highlighted the significant debt burdens of various African countries, with Sudan's debt estimated to be roughly 1.7 times the size of its economy. In contrast, Nigeria's debt burden is approximately 35% of its GDP, a relatively manageable level. This comparison was used to caution against alarmist narratives about Nigeria's sovereign debt.
Onanuga's statement on X emphasized that Nigeria's debt profile is not among the worst in Africa, thanks to the responsible leadership of Tinubu and his economic team. He encouraged Nigerians to focus on factual information rather than baseless alarms about the country's debt. This message is seen as an effort to manage public perception and promote confidence in the government's economic policies.
The debate over Nigeria's sovereign debt comes amid concerns about the country's economic stability and the government's ability to manage its finances. The Presidency's statement aims to provide reassurance that the economic team is working to maintain a stable and sustainable debt profile. By highlighting the country's relatively low debt-to-GDP ratio, the Presidency seeks to promote a more nuanced understanding of Nigeria's economic situation.
The warning against baseless sovereign debt alarms is also seen as a preemptive measure to mitigate potential criticism of the Tinubu administration's economic policies. By engaging with critics and providing factual information, the Presidency aims to promote a more informed public discourse about Nigeria's economic challenges and opportunities. This approach is expected to help build confidence in the government's economic management and reduce unnecessary anxiety about the country's debt profile.
Key points
- Nigeria's debt-to-GDP ratio stands at 35.5%, significantly lower than many other African countries.
