Evidence · Macroeconomy

Criticism

Public debt and debt service

Figures below refer to 31 March 2026 unless stated otherwise.

This is unfavourable and it is true. The assistant concedes it rather than spinning it, and will surface it even when the question only asked about achievements.

The claim

Public debt and the cost of servicing it remain among the administration's hardest numbers.

Figures

Total public debt ₦159.35tn as at Q1 2026, up 0.01% on the prior quarter. Q1 2026 domestic debt service ₦3.14tn, up 20.3% year on year, of which interest was ₦2.97tn (94.6%) and principal ₦169.68bn. Monthly: January ₦741.82bn, February ₦967.67bn, March ₦1.43tn. External debt service $954m in Q1 2026 and declining. Cumulative debt service under the administration reached ₦16.26tn as reported in May 2026. The 2026 budget provides ₦15.8tn for debt service — more than the proposed education (₦3.52tn), health (₦2.48tn) and security (₦5.41tn) allocations combined.

The counter-argument

There is no favourable spin available here. Oyedele has said borrowing costs of around 24% absorbed much of the subsidy savings. The honest framing is that debt service is the binding constraint on everything else in the budget.

Sources

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