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Debt · By administration

Who put Nigeria in debt?

Every naira added — or paid down — under each president since 1999, ranked and broken down year by year.

Who borrowed the most — objectively?
The answer flips depending on the currency, so here are all three lenses side by side.
🥇 Most foreign borrowing (US$, FX-proof)
Buhari
+$32.0B (+330%)
External debt is issued in dollars, so this is real new borrowing — no exchange-rate illusion.
⚡ Fastest pace (annualised ₦)
Tinubu ONGOING
+50.6%/yr
Fastest yearly growth — but part is the naira float revaluing existing debt, and the term isn't finished.
📉 Only president to cut debt
Obasanjo
-88% external
The 2005–06 Paris Club exit wrote off ~$18B — forgiveness, not just repayment.
President Term External debt · US$ (FX-proof) Domestic debt · ₦ (FX-proof) Total debt · ₦ (headline)
Δ $bn% Δ ₦tn% Δ ₦tn%per yr*
Obasanjo
PDP
 1999–2007
8 yrs
 -24.5 -88% +1.0 +125% -1.1 -33% -4.9%
Yar'Adua
PDP
 2007–2010
3 yrs
 +0.4 +11% +1.4 +78% +1.5 +68% +18.9%
Jonathan
PDP
 2010–2015
5 yrs
 +5.8 +149% +4.7 +147% +5.6 +149% +20.0%
Buhari
APC
 2015–2023
8 yrs
 +32.0 +330% +19.7 +249% +36.3 +385% +21.8%
Tinubu ONGOING
APC
 2023–present
3 yrs
 +10.2 +24% +59.8 +217% +110.5 +242% +50.6%
◄ = largest in that column. * per yr = annualised (compound) rate, so short and long terms compare fairly. External debt shown in the dollars it was borrowed in; domestic debt in naira — each immune to exchange-rate swings. Ongoing terms are partial. Inherited = the debt left by the previous president.

The objective read

By actual new borrowing, Buhari borrowed the most. His government added $32.0 billion in foreign debt (+330%) over a full eight-year term — the largest of any administration, and dollars can't be inflated away by a weak naira. On the headline naira number he's also top, at +385%. Tinubu is borrowing at the fastest annual pace (+50.6%/yr), but two caveats keep it honest: his term isn't finished, and much of his +242% naira figure is the 2023 float revaluing debt that already existed — the rate went ₦460 → ₦1,386, so the same dollar loan costs 3× the naira without a single new kobo borrowed. His FX-proof foreign borrowing is +$10.2B. Only Obasanjo ever reduced the debt, and that was the one-off Paris Club write-off, not fiscal discipline alone.

Year-on-year debt growth
Each bar is one year's % change, coloured by the ruling party. Watch the naira and dollar lines split after 2023.
Borrowed vs paid — what each president spent on debt
How much every government paid its creditors in interest & repayments.

"Paid" doesn't mean "paid off"

Debt service is the cost of carrying the debt — mostly interest. Paying it does not shrink the debt; under every president here the debt still grew. The only administration that actually reduced the debt stock was Obasanjo, through the 2005–06 Paris Club exit (~$12B paid + $18B written off) — which is why the share of revenue eaten by debt payments collapsed under him.

President Term Borrowed Paid to service debt Debt payments ÷ revenue
₦tn added ₦tnUS$bn avgstart → end
Obasanjo
PDP
 1999–2007
8 yrs
 +-1.1 3.4 $30.2B 39% 81% 13%
Yar'Adua
PDP
 2007–2010
3 yrs
 +1.5 0.9 $7.1B 15% 14% 15%
Jonathan
PDP
 2010–2015
5 yrs
 +5.6 2.9 $18.9B 19% 18% 22%
Buhari
APC
 2015–2023
8 yrs
 +36.3 22.6 $64.2B 59% 33% 71%
Tinubu ONGOING
APC
 2023–present
3 yrs
 +110.5 48.4 $39.4B 71% 81% 68%
◄ = paid the most in dollar terms. "Debt payments ÷ revenue" is a ratio, so it's unaffected by inflation or the naira rate — the cleanest read of the burden. Naira totals grow with inflation; the US$ column is each year's payment at that year's exchange rate. Ongoing terms are partial.
Share of government income eaten by debt payments
Of every ₦100 the government earned, this much went straight to debt — 1999 to 2026.
When this climbs toward 100%, almost everything the government earns is swallowed by debt payments — leaving little for roads, schools or hospitals. It fell to 13% after Obasanjo's Paris Club exit, then climbed back above 70% under Buhari.
Presidential Borrowing Dashboard
How much did each president add to Nigeria's debt? (1999–2026)

Key Findings

  • Olusegun Obasanjo reduced $19.1B ($2.4B/year) over 8 years
  • Umaru Musa Yar'Adua added $7.8B ($2.6B/year) over 3 years
  • Goodluck Jonathan added $34.3B ($6.9B/year) over 5 years
  • Muhammadu Buhari added $45.4B ($5.7B/year) over 8 years
  • Bola Ahmed Tinubu has added $12.7B ($4.2B/year) over 3 years (still in office)
OO
Olusegun Obasanjo
1999–2007 (8 yrs)
$-19.1B
Start: $36.7B → Left: $17.6B
$-2.4B/year
UY
Umaru Musa Yar'Adua
2007–2010 (3 yrs)
+$7.8B
Inherited: $17.6B → Left: $25.4B
+$2.6B/year
GJ
Goodluck Jonathan
2010–2015 (5 yrs)
+$34.3B
Inherited: $25.4B → Left: $59.7B
+$6.9B/year
MB
Muhammadu Buhari
2015–2023 (8 yrs)
+$45.4B
Inherited: $59.7B → Left: $105.1B
+$5.7B/year
BT
Bola Ahmed Tinubu IN OFFICE
2023–present (3 yrs so far)
+$12.7B
Inherited: $105.1B → So Far: $117.8B
+$4.2B/year
Total Debt Added by President (USD B)
Net change in total public debt during tenure
Annual Borrowing Rate (USD B/year)
Average debt added per year in office
Debt Growth Percentage
How much did debt grow relative to what was inherited?
Year-by-Year Debt Change
Annual change in total debt (USD B)
External vs Domestic Borrowing
How much of new debt was external vs domestic?
Debt-to-GDP at Handover
Ratio when inheriting vs leaving office
What Was the Debt Used For?
Approximate allocation of borrowing by purpose (estimates based on budget data)
Purpose Breakdown (All Presidents)
Each bar totals 100% — compare allocation across administrations
Obasanjo
Olusegun Obasanjo
Yar'Adua
Umaru Musa Yar'Adua
Jonathan
Goodluck Jonathan
Buhari
Muhammadu Buhari
Tinubu
Bola Ahmed Tinubu
Fiscal Context
Why we borrow, what's hidden, and what it costs — the bigger picture behind the debt
S&P Sovereign Rating
B
Speculative grade (2026)
Eurobond Yield (10y)
9.5%
Cost of fresh USD borrowing
Tax-to-GDP
12.5%
Africa avg 16% · OECD ~34%
Fuel Subsidy
₦0.0T
Removed May 2023
CBN Ways & Means
₦7.5T
Govt overdraft at CBN
Fuel Subsidy Spending (₦ Trillions)
Annual FGN subsidy. Removed May 2023 — biggest single fiscal reform in a decade.
CBN Ways & Means (₦ Trillions, end-of-year)
CBN overdraft to FG. ₦22.7T converted to bonds in May 2023.
Tax-to-GDP Ratio
Why Nigeria borrows: among the lowest tax bases globally.
Eurobond Yield (10-year, %)
Live cost of fresh USD borrowing — market's verdict on Nigeria.
Debt Service vs Education vs Health (₦ Trillions)
Federal actual spending. Debt service has out-paced both for years.
Debt Maturity Profile (USD Billions)
When external/Eurobond principal falls due — refinance risk window. Source: DMO.
Year-by-Year Breakdown
See exactly how much was borrowed (or repaid) each year. Bars show relative size of change.
OO
Olusegun Obasanjo
1999–2007 · PDP
Inherited
$36.7B
Left With
$17.6B
Net Added
$-19.1B
Per Year
$-2.4B
Year Borrowed / Repaid Change Total Debt
1999
$0.0B
$36.7B
2000
$0.4B
$37.1B
2001
$0.2B
$37.3B
2002
$2.6B
$39.9B
2003
$2.2B
$42.1B
2004
$0.6B
$41.5B
2005
$10.1B
$31.4B
2006
$13.8B
$17.6B
UY
Umaru Musa Yar'Adua
2007–2010 · PDP
Inherited
$17.6B
Left With
$25.4B
Net Added
+$7.8B
Per Year
$2.6B
Year Borrowed / Repaid Change Total Debt
2007
$3.7B
$21.3B
2008
$1.9B
$23.2B
2009
$2.2B
$25.4B
GJ
Goodluck Jonathan
2010–2015 · PDP
Inherited
$25.4B
Left With
$59.7B
Net Added
+$34.3B
Per Year
$6.9B
Year Borrowed / Repaid Change Total Debt
2010
$9.9B
$35.3B
2011
$6.5B
$41.8B
2012
$2.9B
$44.7B
2013
$5.5B
$50.2B
2014
$9.5B
$59.7B
MB
Muhammadu Buhari
2015–2023 · APC
Inherited
$59.7B
Left With
$105.1B
Net Added
+$45.4B
Per Year
$5.7B
Year Borrowed / Repaid Change Total Debt
2015
$4.3B
$55.4B
2016
$7.6B
$47.8B
2017
$12.3B
$60.1B
2018
$7.0B
$67.1B
2019
$7.3B
$74.4B
2020
$0.9B
$75.3B
2021
$6.9B
$82.2B
2022
$22.9B
$105.1B
BT
Bola Ahmed Tinubu ONGOING
2023–present · APC · 3 yrs so far
Inherited
$105.1B
Current
$117.8B
Added So Far
+$12.7B
Per Year
$4.2B
Year Borrowed / Repaid Change Total Debt
2023
$0.9B
$104.2B
2024
$14.9B
$89.3B
2025
$21.7B
$111.0B
2026
$6.8B
$117.8B