Nigeria Debt: Tinubu Administration Took More Loans Than All Others Combined, Says Dele Momodu

Prominent Nigerian media personality and former Peoples Democratic Party presidential aspirant, Dele Momodu, has criticized President Bola Tinubu’s administration, alleging it has borrowed more funds than all previous Nigerian governments combined.

Momodu made the assertion during an appearance on Channels Television’s Sunrise Daily program, which was monitored by various media outlets.

As the publisher of Ovation Magazine, he argued that despite the massive influx of loans, Nigerians have yet to see tangible benefits or positive impacts from the borrowed funds. In his words: “Tinubu’s govt has taken more loans than all the governments of Nigeria combined. We have not seen the effects of that loan. So, a lot is going on that Nigerians cannot understand, but there is a preponderance of propagandists who are willing to delete their brains and sell their souls.”

Momodu extended his critique to the ruling All Progressives Congress (APC), describing it as an extension of the previous Buhari administration while noting what he called inconsistencies in the party’s messaging. He pointed out that the APC frequently shifts blame between the Buhari era and its own governance.

He also questioned claims of economic stabilization, particularly regarding the exchange rate: “They forget to tell us where the dollar was when they took power.” Additionally, Momodu challenged the government’s boasts about managing budgets in the trillions of naira, asking whether those budgets have been balanced or what concrete outcomes they have produced.

The remarks come amid ongoing national debates about Nigeria’s rising public debt profile under the current administration. Official data from the Debt Management Office (DMO) shows significant increases in the total public debt stock since President Tinubu took office in May 2023, with figures climbing from around ₦87 trillion in mid-2023 to over ₦152 trillion by mid-2025 in naira terms, driven by both domestic and external borrowing as well as currency depreciation effects.

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