By Darlington Onyebuchi Agoha
Thank you for reading this post, don't forget to subscribe!According to the World Bank Group’s International Debt Report 2026, released in November 2026, Nigeria’s total external debt stock stood at approximately $145.02 billion as of December 31, 2025, representing an increase of about 6.6 per cent from the $135.99 billion recorded in 2024.
Within this enormous debt portfolio, China remains Nigeria’s largest bilateral creditor, with an estimated $5.67 billion in outstanding bilateral debt as of December 2025. This represents approximately 85 per cent of Nigeria’s total bilateral external debt obligations of $6.68 billion.
Meanwhile, the Federal Government is seeking additional external financing. On November 4, 2026, President Bola Ahmed Tinubu requested the National Assembly’s approval for a fresh external borrowing plan of approximately $7.7 billion to finance part of the 2026 budget deficit.
These developments have renewed public interest in Nigeria’s debt sustainability, the utilisation of borrowed funds and the measurable returns on investments financed through external borrowing.
It is important to clarify that the $145.02 billion represents Nigeria’s total external debt exposure, encompassing public and publicly guaranteed obligations, private-sector external debt and other external liabilities. Similarly, the $5.67 billion owed to China represents Nigeria’s bilateral debt exposure to Beijing, not borrowing accumulated exclusively under the Tinubu administration.
Nevertheless, as the Federal Government continues to pursue additional loans, Nigerians have a legitimate right to demand transparency, accountability and demonstrable returns on public borrowing.
As a Public Interest Advocate, my concern is not driven by partisan politics but by a deep sense of patriotism, compassion for Nigeria and an urgent desire to see our nation survive beyond individual ambitions and transient political interests.
Debt, in itself, is not necessarily detrimental to national development. It can serve as a powerful instrument for economic growth when transparently and prudently deployed towards high-impact capital projects and productive investments capable of generating measurable economic returns.
However, when public debt continues to rise without corresponding improvements in infrastructure, productivity, employment opportunities and the living conditions of citizens, it raises serious questions about fiscal responsibility, transparency and the sustainability of the nation’s economic future.
Against this backdrop, patriotic Nigerians are asking a fundamental question:
What tangible capital projects and critical investments has the APC-led administration delivered with the billions of dollars borrowed under President Bola Ahmed Tinubu?
To bring clarity to this important national conversation and shift the debate from political rhetoric to verifiable governance, we hereby challenge supporters of President Bola Tinubu and the All Progressives Congress (APC) to identify five (5) major capital projects or strategic investments initiated, completed and officially commissioned under the Tinubu presidency.
For the avoidance of doubt, we are not asking for a list of ongoing projects inherited from previous administrations. Neither are we interested in policy pronouncements, macroeconomic projections, political promises or legislative approvals for projects yet to be delivered.
Our demand is straightforward: let the administration’s supporters present verifiable evidence of concrete, completed and officially commissioned infrastructure projects or major capital investments delivered under the current administration, particularly those that demonstrate measurable value for the enormous debt burden being placed on the shoulders of Nigerians.
This challenge is not a denial of the importance of ongoing projects or inherited infrastructure initiatives. Rather, it is a demand for a clear distinction between projects initiated by previous administrations and those conceived, funded, executed and delivered under the present government.
The central issue is not whether Nigeria should borrow to finance development, but whether the loans obtained are being judiciously utilised and whether Nigerians are receiving commensurate value for the liabilities being accumulated in their name.
True leadership is measured not by the volume of debt accumulated but by the enduring legacies built with public resources.
Nigeria must survive, and its survival depends on responsible leadership, prudent management of public finances and an unwavering commitment to transparency and accountability.
The Nigerian people deserve answers. Those entrusted with the nation’s treasury must be prepared to account for every borrowed dollar and demonstrate its impact on national development.
The question remains: WHERE IS THE RETURN ON INVESTMENT?
*Darlington Onyebuchi Agoha is a Public Interest Advocate.
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