In recent weeks, headlines have celebrated Nigeria’s removal from the International Monetary Fund’s (IMF) debtor list, with many attributing this milestone to President Bola Ahmed Tinubu’s administration. While this is a significant achievement, the full picture of Nigeria’s debt profile—past and present—requires a closer look to help everyday Nigerians understand what it means for the country’s economic future. Let’s break it down simply, comparing the debt landscape before Tinubu’s presidency with today, examining state-level debt trends, and clarifying the current status with the IMF—all while acknowledging progress and the work still ahead. Nigeria’s Debt Before Tinubu: A Heavy Load When President Tinubu took office on May 29, 2023, Nigeria was grappling with a substantial debt burden inherited from previous administrations. According to the Debt Management Office (DMO), Nigeria’s total public debt stock in the second quarter of 2023 stood at N87.38 trillion (about $113.42 billion)...
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