The Presidency on Sunday said Nigeria’s debt-to-GDP ratio remains relatively low at just under 40% compared with many countries. It compared Nigeria with South Africa at 85%, Egypt at 80%, Ghana at 60%, Kenya at 75%, the United States at 130%, the United Kingdom at 110%, and China at an unofficial 300%. It also said the country’s debt service-to-revenue ratio dropped from almost 100% in December 2022 to below 60%.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, made the remarks in a statement titled “Facts, Not Fear: A Point By Point Response To Atiku Abubakar On Nigeria’s Reform Journey”. He said the improvement reflects stronger revenue generation and careful debt management. He also said the key issue is whether borrowed funds are used for investments that grow the economy and future revenue.
The Presidency described economic reforms as a gradual process, saying they should not be judged only by their early challenges. It said Nigeria’s dollar-based GDP fell to about $253 billion after the foreign exchange rate reset but later recovered to about $377 billion, a 49% increase, based on data from statistical agencies and the International Monetary Fund.
It added that naira-denominated GDP rose from about ₦314 trillion in 2024 to about ₦530 trillion, a 69% increase. The Presidency said the reforms addressed structural problems dating back to the 1999–2007 Obasanjo-Atiku administration and noted that removing the petrol subsidy increased allocations to states and local governments for infrastructure and social programmes.
