Nigeria’s Debt Not in Global Top List, Reflects Fiscal Discipline Under Tinubu — Jimoh Ibrahim

The Senator representing Ondo South, Jimoh Ibrahim, has stated that Nigeria’s exclusion from the list of the world’s most indebted countries underscores what he described as disciplined fiscal coordination under President Bola Tinubu.

Ibrahim, who is also an ambassador-designate, made the remark amid renewed public discussions surrounding Nigeria’s debt profile and borrowing pattern.

In a statement on Wednesday, Ibrahim said critics who predicted unsustainable borrowing under the Tinubu administration had been mistaken.

“Those who expected reckless borrowing have been proven wrong,” he said, adding that, “Nigeria is not on the list of the world’s most indebted countries.

“This reflects deliberate fiscal coordination and structured economic reforms.”

According to the lawmaker, Nigeria’s current fiscal outlook demonstrates that the administration has not embarked on excessive borrowing, contrary to earlier projections.

He maintained that reform-driven policies, including the removal of fuel subsidy and exchange rate unification, were introduced to stabilise public finances and reduce long-term fiscal vulnerabilities.

Ibrahim argued that although Nigeria continues to access credit facilities for infrastructure and development projects, such borrowings are being undertaken within manageable thresholds and aligned with revenue reforms.

He described the trend as evidence that what he termed “Bolaeconometrics,” a phrase used by supporters to reference Tinubu’s economic recalibration, is beginning to yield measurable results.

However, the senator cautioned that Nigeria’s position outside the global high-debt bracket does not eliminate fiscal risks.

He noted that “while Nigeria may not rank among the most indebted countries globally, the sustainability of its debt remains closely tied to revenue generation and debt servicing capacity.”

He further stressed that “improving non-oil revenues, boosting exports and enhancing public sector efficiency will be critical to maintaining fiscal stability.”

Nigeria’s public debt sustainability remains a subject of intense policy and public debate, particularly amid global economic headwinds, tighter monetary conditions and exchange rate volatility affecting emerging markets.

Nonetheless, Ibrahim expressed confidence that ongoing structural reforms would strengthen the country’s macroeconomic fundamentals.

“As reforms mature and revenue improves, Nigeria’s fiscal resilience will become even more evident,” he added.

The senator insisted that “available global data support the view that Nigeria remains outside the league of the world’s heavily indebted nations,” even as domestic debates over borrowing strategy and fiscal management continue.