SNOW TV NEWS DESK
How can a country remove fuel subsidy, increase government revenue and still face an unprecedented rise in public debt?
For decades, Nigerians have endured successive governments, economic hardship, poor infrastructure and repeated promises of a better future. But the country’s growing debt profile is raising fresh questions about leadership, accountability and the future of the Nigerian economy.
A widely circulated comparison claims that Nigeria accumulated about ₦46 trillion in public debt over several decades, while the administration of President Bola Ahmed Tinubu has seen debt figures rise dramatically within just three years.
However, the figures require proper context. The ₦46.25 trillion figure represents Nigeria’s total public debt stock at the end of December 2022, not the cumulative amount borrowed by every administration over 63 years. Similarly, the current debt stock must not be confused with fresh borrowing alone.
According to the Debt Management Office, Nigeria’s total public debt stood at approximately ₦87.38 trillion in June 2023, shortly after Tinubu assumed office. By June 2026, it had climbed to approximately ₦166.79 trillion.
Although currency depreciation and the recognition of previously accumulated obligations contributed significantly to this increase, the continued growth of public debt deserves serious scrutiny.
What makes the situation particularly controversial is the removal of petrol subsidy in May 2023.
Nigerians were told that subsidy removal would free up government resources, reduce financial pressure and create opportunities for infrastructure development. Yet, millions of citizens have experienced higher transportation costs, increased food prices and declining purchasing power.
The government argues that subsidy savings have been shared across the three tiers of government and that rising debt-servicing costs, salaries, infrastructure and other obligations have absorbed additional resources.
But an important question remains: If Nigerians have sacrificed so much through subsidy removal, why has the country continued to accumulate such enormous debt?
Where are the visible improvements that justify these sacrifices? Why do millions still struggle with electricity, affordable healthcare, quality education and basic necessities?
Borrowing is not necessarily bad. Responsible borrowing can build roads, hospitals, industries and power infrastructure. But borrowing without transparent accounting, measurable results and economic returns becomes a burden on future generations.
Nigeria does not simply need another explanation for its debt. It needs accountability.
The Tinubu administration must explain how much it has genuinely borrowed, what the money has financed, how subsidy savings have been utilised and what Nigerians have received in return.
Ultimately, leadership should not be measured by the number of economic reforms announced, but by whether those reforms improve the lives of ordinary citizens
.
Nigerians have paid the price of subsidy removal. They deserve to know what the country has gained in return.
Editorial fact-check: The article deliberately avoids presenting ₦120 trillion as verified fresh borrowing. The DMO’s reported debt stock was ₦166.79 trillion in June 2026, and the distinction between inherited debt, new borrowing and currency revaluation is essential.
Debt Management Office Nigeria
“Sir Bartholomew White Ebe is a Lagos-based media personality, Music Artist, Producer, and a Relationship Coach and independent journalist. With over seven years of experience tracking political developments and cultural shifts in Nigeria, he specializes in local current affairs, grassroots politics, and community-driven reporting across Lagos State. As the founder and chief editor of Snow Multimedia Connect {SNOW TV}, he leads the editorial team to deliver verified, high-impact stories to digital audiences.”
Email: snowmediaconnect@gmail.com
