The Senator representing Ondo South, Jimoh Ibrahim, has said Nigeria’s absence from the list of the world’s most indebted countries reflects disciplined fiscal coordination under President Bola Tinubu.
Ibrahim, an ambassador-designate, made the assertion amid renewed public debate over Nigeria’s debt profile and borrowing pattern.
He disclosed this in a statement shared with PUNCH Online on Wednesday.
His remarks, our correspondent, notes it comes against the backdrop of fresh global debt data released in Q4 2025 by the Institute of International Finance, Global Debt Monitor, analysed by Visual Capitalist on Monday, which shows several advanced economies carrying total debt burdens exceeding 300 per cent of gross domestic product (GDP).
Hong Kong tops the global ranking at 380 per cent of GDP, followed by Japan (372 per cent), Singapore (347 per cent), France (326 per cent), and Canada (315 per cent).
These ratios reflect combined government, corporate and household debt.
While a number of African countries — including Senegal (156 per cent), South Africa (149 per cent) and Tunisia (143 per cent) — are experiencing rising debt levels, particularly driven by sovereign borrowing, Nigeria does not feature among the most indebted nations globally in terms of total debt-to-GDP ratio.
Nigeria not ranked
Nigeria is not ranked in global top five, neither is it in Africa’s top 10.
Reacting to the data, Ibrahim said critics who had forecast unsustainable borrowing under the Tinubu administration had been mistaken.
“Those who expected reckless borrowing have been proven wrong,” he said, adding that, “Nigeria is not on the list of the world’s most indebted countries.
“This reflects deliberate fiscal coordination and structured economic reforms.”
According to the senator, Nigeria’s current fiscal outlook demonstrates that the administration has not embarked on excessive borrowing, contrary to earlier projections.
He maintained that reform-driven policies — including fuel subsidy removal and exchange rate unification — were introduced to stabilise public finances and reduce long-term fiscal vulnerabilities.
Ibrahim argued that although Nigeria continues to access credit facilities for infrastructure and development projects, such borrowings are being undertaken within manageable thresholds and aligned with revenue reforms.
Bolaeconometrics
He described the trend as evidence that what he termed “Bolaeconometrics” — a phrase used by supporters to reference Tinubu’s economic recalibration — is beginning to yield measurable results.
However, the lawmaker cautioned that Nigeria’s relative position outside the global high-debt bracket does not eliminate fiscal risks.
He noted 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.”
Also, he stressed that “improving non-oil revenues, boosting exports and enhancing public sector efficiency will be critical to maintaining fiscal stability.”
Nigeria’s public debt sustainability has remained a subject of intense policy and public discourse, especially amid global economic headwinds, tighter monetary conditions and exchange rate volatility affecting emerging markets.
Nonetheless, Ibrahim expressed confidence that ongoing structural reforms would strengthen Nigeria’s macroeconomic fundamentals.
“As reforms mature and revenue improves, Nigeria’s fiscal resilience will become even more evident,” he added.
The senator insisted that “available global data support the view that Nigeria remains outside the league of the world’s heavily indebted nations,” even as debates over borrowing strategy and fiscal management continue domestically.
