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The Senator representing Ondo South, Dr. Jimoh Ibrahim, has said Nigeria is not among the world’s most indebted nations, describing the country’s current fiscal outlook as evidence of disciplined economic management under President Bola Tinubu.
Ibrahim, who is also an ambassador-designate, stated this while reacting to the ongoing debates over Nigeria’s debt profile and borrowing pattern, noting that contrary to earlier projections by critics, the Tinubu administration has not embarked on excessive borrowing.
According to him, global economic data shows that several advanced and emerging economies currently top the list of the world’s most indebted countries in terms of debt-to-GDP ratio, while Nigeria does not fall within that bracket.
“Those who expected reckless borrowing have been proven wrong,” he said. “Nigeria is not on the list of the world’s most indebted countries. This reflects deliberate fiscal coordination and structured economic reforms.”
The lawmaker, who frequently speaks on economic policy, debt management and macroeconomic strategy, maintained that the administration’s reform-driven policies, including subsidy removal and exchange rate unification, were designed to stabilise public finances and reduce long-term fiscal vulnerabilities.
He argued that while Nigeria continues to access credit facilities for infrastructure and development projects, such borrowings were being undertaken within manageable thresholds and aligned with revenue reforms.
He described the development as a sign that what he termed “Bolaeconometrics,” a phrase used by supporters to reference President Tinubu’s economic recalibration, was beginning to yield measurable results.
Economic observers, however, note that while Nigeria may not rank among the most indebted countries globally, the sustainability of its debt remains closely tied to revenue generation and debt servicing capacity.
Analysts stressed that improving non-oil revenues, boosting exports and enhancing public sector efficiency would be critical to maintaining fiscal stability.
The Ondo South senator expressed confidence that ongoing structural reforms would strengthen Nigeria’s macroeconomic fundamentals and reposition the country for long-term growth.
“As reforms mature and revenue improves, Nigeria’s fiscal resilience will become even more evident,” he added.
Public discourse around Nigeria’s debt profile has intensified amid broader global economic uncertainties, but Ibrahim insisted that available data support the view that the country remains outside the league of the world’s heavily indebted nations.
