FACT CHECK: Tinubu Did Not Inherit $113bn Debt As Reno Claimed

Former presidential aide and Nigeria’s Ambassador-designate to Mexico, Reno Omokri, has claimed that President Bola Tinubu inherited a debt of $113bn from former President Muhammadu Buhari and has since reduced it to $103.9bn.

Omokri made the claim in a post on his X (formerly Twitter) handle on Thursday. As of the time of this verification, the post had garnered 27,200 views, 628 reposts, 348 likes, and five quote posts.

“The truth is that President Tinubu inherited a huge debt burden of $113bn from President Buhari and has reduced the total public debt he inherited to $103.9bn, which may be why The Economist reported last month that Nigeria’s ‘golden years’ are likely to return due to President Tinubu’s reforms,” he wrote.

Omokri made the statement in response to criticism from Senator Dino Melaye, who had earlier posted on his X handle that “Buhari with subsidy borrowed N83 trillion in eight years, while Tinubu without subsidy borrowed N158 trillion in three years. We have become a chartered borrowing nation. Where is the borrowed money?”

While Melaye did not cite any source for his figures, Omokri referenced the Debt Management Office (DMO), stating: “You may want to consult the Debt Management Office’s website for the accurate figure of Nigeria’s total debt.”

The justification for fact-checking Omokri’s claim over Melaye’s is the former’s reliance on official data and direct assertions supporting his position.

Nigeria’s public debt has risen significantly over successive administrations. Data from the Debt Management Office (DMO) shows that as of 2012, Nigeria’s total public debt stood at $48.49bn (N7.55trn). By September 30, 2025, the debt had increased to $55.47bn, equivalent to N81.81trn at an exchange rate of N1,474.85/$.

A review of data on the DMO website shows that Nigeria’s total public debt stood at $108.29bn (N49.85trn) as of March 31, 2023, just before President Tinubu assumed office on May 29, 2023. This figure was calculated using an exchange rate of N460.85/$.

By September 30, 2025, the total public debt had declined to $103.93bn but increased in naira terms to N153.29trn, reflecting the impact of currency depreciation at an exchange rate of N1,474.85/$.

For context, former President Buhari inherited a total public debt of $63.50bn (N12.06trn) as of March 31, 2015, the last available figure before he assumed office, based on DMO data.

The apparent reduction in dollar terms under Tinubu contrasts with a sharp rise in the naira value of the debt. Analysts attribute this divergence largely to the devaluation of the naira rather than a significant reduction in borrowing.

Verdict: Misleading

Omokri’s claim that President Bola Tinubu inherited $113bn in debt from Buhari and reduced it to $103.9bn is misleading.

Official data shows that the inherited debt stood at $108.29bn, not $113bn. While the current debt figure of approximately $103.93bn is accurate in dollar terms, the naira value has increased substantially.

Overall, both Omokri’s and Melaye’s claims are inconsistent with verified data from the Debt Management Office. (Daily trust)