Latest figure released by Statisense, a leading data and research group has shown that the borrowing of over $2.82 billion in less than two years of President Bola Ahmed Tinubu’s administration has placed him as the president that has borrowed more in the 25 years of Nigeria’s fourth Republic from 1999 to date.

Very strange in the borrowing is the fact that the funds are being asked for with high terms and conditions at a time fuel subsidy had been removed from his first day in office, May 29, 2023.

Below are the borrowing range of past administrations to date:

NIGERIA EXTERNAL DEBT STOCK — OUTSTANDING

Dec 2006 — $3.54 billion

Jun 2007 — $3.35 billion

Dec 2007 — $3.65 billion

Dec 2009 — $3.95 billion

Jun 2010 — $4.27 billion

Dec 2010 — $4.58 billion

Dec 2011 — $5.67 billion

Dec 2014 — $9.71 billion

Jun 2015 — $10.32 billion

Dec 2015 — $10.72 billion

Dec 2022 — $41.69 billion

Jun 2023 — $43.16 billion

Dec 2023 — $42.50 billion

Mar 2025 — $45.98 billion

Cumulative effective borrowing:

Yar’Adua [3yrs] — $0.92 billion

Jonathan [5yrs] — $6.05 billion

Buhari [8yrs] — $32.84 billion

Tinubu [<2yrs] — $2.82 billion