🔍 What Peter Obi said
• Recently on Channels TV’s Sunday Politics, Peter Obi claimed that “this government has borrowed more than the administrations of Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari combined” .
• This statement has been widely shared on X and Instagram .
📈 Is it accurate?
Media outlets like the Daily Trust and Tribune Online report Obi’s claim without providing supporting data .
The Tribune Online notes: “However, there’s no available data to support or refute this claim” .
No credible official figures or independent analysis have confirmed that Tinubu’s borrowing in two years exceeds that of three previous administrations combined.
🛑 Verdict
Without verifiable evidence, Obi’s assertion remains unsubstantiated. Official debt figures by administration have not been published in a way that supports his claim. Until transparent, comparative data is provided, this statement should be treated as misleading.
🗣️ Why it matters
Debt levels are a key indicator of fiscal responsibility and matter deeply for Nigeria’s economic stability.
Misleading claims can distort public debate and erode trust.
Obi’s headline-generating phrasing—“Peter Obi lied again”—reflects the seriousness of repeating unsupported allegations on national media.
✅ Bottom line:
Peter Obi’s assertion that Tinubu’s government has borrowed more than the three preceding presidents combined lacks verifiable evidence. Major outlets recognize the claim but note the absence of data to confirm it — making the statement unproven and potentially false.
Here’s a detailed breakdown of Nigeria’s public debt by administration, based on verified Debt Management Office (DMO) data and reputable media sources:
📊 Debt by Administration
Umaru Musa Yar’Adua (2007–2010)
External debt grew from ~$2.11 billion to ~$3.5 billion by 2011 .
Domestic debt also increased modestly (part of the rise noted above) .
Goodluck Jonathan (2010–2015)
External debt rose from ~$3.5 billion to ~$7.3 billion .
Domestic debt increased from approx. ₦6.17 trillion to ₦9.8 trillion .
Muhammadu Buhari (2015–2023)
External debt surged from ~$10.3 billion to ~$41.6 billion (Q3 2023) .
Domestic debt rose from ₦8.4 trillion to ₦55.9 trillion .
Total public debt as of May 2023: ₦87.38 trillion .
Bola Tinubu (May 2023–Present)
June 2023 (just after inauguration): total debt ~₦87.38 trillion .
March 2024: debt climbed to ₦121.67 trillion (↑₦34.3 trillion YoY) .
Sept 2024: reached ₦142.3 trillion .
Dec 2024: ~₦144.7 trillion .
Mar 31, 2025: total public debt at ₦149.39 trillion (↑₦27.72 trillion YoY) .
📌 Comparative Highlights
Buhari (8 years) borrowed ₦87.38 trillion in total public debt.
Tinubu (≈23 months) has seen debt rise from ₦87.38 trillion to ₦149.39 trillion — an increase of ₦62 trillion+.
Tinubu’s administration added more debt in about two years than Buhari did in his full eight-year tenure, though diplo-expression was Tinubu ≈₦57 trillion vs Buhari ≈₦75 trillion .
🧩 Context & Interpretation
External vs Domestic debt: Buhari saw large growth in both categories; Tinubu’s increase stems largely from both fresh borrowing and currency depreciation inflating dollar-denominated obligations.
Dollar adjustments: Tinubu’s external debts may be smaller in dollar terms compared to Buhari’s because of the naira’s sharp devaluation .
Comparing to Yar’Adua & Jonathan: Debt accumulations during those ten years were small in comparison—total public debt grew by single-digit trillions naira—making Tinubu vs the earlier three presidents not directly comparable in aggregate naira amounts.
⚖️ Did Obi’s Claim Hold?
> “This government has borrowed more than Yar’Adua, Jonathan & Buhari combined.”
✅ Compared to Yar’Adua + Jonathan (≈₦10‑15 trillion total), Tinubu (₦62+ trillion) clearly outpaces.
❌ But compared to Buhari alone (₦62 trillion) is still lower, though total now higher.
👉 Thus, the statement is misleading, conflating cumulative vs incremental borrowing, and overreaching regarding Buhari.
📝 Summary Table
Admin Duration Total Debt Added (~N)
Yar’Adua 4 yrs ~₦3–5 trillion
Jonathan 5 yrs ~₦4–6 trillion
Buhari 8 yrs ~₦53 trillion
Tinubu 1.8 yrs ~₦62 trillion
✅ Conclusion
Peter Obi’s claim is factually inaccurate when including Buhari, as Tinubu hasn’t exceeded Buhari’s full borrowing.
Tinubu’s debt increase is alarming, but not unprecedented.
A precise and fair assessment requires clear distinction between total vs new debt, and naira vs dollar values.