The Statement
During the 2023 presidential campaign season, former vice-president Atiku Abubakar criticised the fiscal record of President Muhammadu Buhari, stating that Nigeria’s public debt rose dramatically from around ₦12 trillion when Buhari assumed office in 2015 to more than ₦77 trillion by 2023.
The Facts
Data from the Debt Management Office Nigeria shows that Nigeria’s total public debt stood at ₦12.6 trillion in June 2015.
By June 2023, Nigeria’s total public debt had risen to approximately ₦87.4 trillion, following large domestic borrowing and external loans used to finance budget deficits and infrastructure projects.
Although Atiku cited ₦77 trillion, the official figure later exceeded this number. The claim accurately reflects the overall trend and scale of debt growth, even if the specific number cited was slightly lower than the final recorded total.
The Conclusion
Official debt data confirms that Nigeria’s debt increased from about ₦12 trillion in 2015 to well above ₦77 trillion by 2023. The claim reflects the reality of the increase but slightly understates the final figure.