Tinubu’s fiscal reforms keeping Nigeria off global top debt list — Jimoh Ibrahim
Naija News • 52m ago
**Nigeria's Debt Story: Tinubu's Fiscal Reforms Yield Results**
Nigeria's absence from the list of the world's most indebted countries is a testament to the discipline and fiscal coordination of the President Bola Tinubu administration, according to Senator Jimoh Ibrahim, representative of Ondo South. This assertion has come at a time when there is renewed public debate about Nigeria's debt profile and borrowing pattern.
Recent global debt data released by the Institute of International Finance shows that several advanced economies are carrying heavy debt burdens, with Hong Kong topping the list at 380% of its GDP. However, Nigeria is not among the most indebted nations globally, neither is it in Africa's top 10. This is a welcome development for the Tinubu administration, which has been criticized for its borrowing pattern.
Senator Ibrahim attributes this success to the administration's reform-driven policies, including the removal of fuel subsidies and the unification of the exchange rate. These policies, he argues, have helped to stabilize public finances and reduce long-term fiscal vulnerabilities. He also notes that Nigeria's credit facilities for infrastructure and development projects are being undertaken within manageable thresholds and aligned with revenue reforms.
Ibrahim's comments have been met with excitement among supporters of the Tinubu administration, who have coined the term "Bolaeconometrics" to describe the president's economic recalibration. However, the senator is quick to caution that Nigeria's relative position outside the global high-debt bracket does not eliminate fiscal risks. He notes that the sustainability of Nigeria's debt remains closely tied to revenue generation and debt servicing capacity.
As Nigeria continues to navigate its economic challenges, the Tinubu administration's fiscal reforms have yielded a positive result. While there are still risks associated with Nigeria's debt profile, the country's absence from the list of the world's most indebted countries is a testament to the administration's commitment to disciplined fiscal coordination. This is a development that should give Nigerians hope for a more stable economic future.