Fact Check: Tinubu Did Not Inherit $113bn Debt as Claimed by Reno Omokri

Reno Omokri, a former presidential aide and designated Nigerian Ambassador to Mexico, has made the claim that President Bola Tinubu inherited a public debt of $113 billion from his predecessor, Muhammadu Buhari, asserting that he has since reduced it to $103.9 billion.

In a post shared Thursday on his X (formerly Twitter) account, Omokri's statement had already attracted 27,200 views, along with 628 reposts, 348 likes, and five quote tweets at the time of verification.

"The truth is that President Tinubu inherited a huge debt burden of $113 billion from President Buhari and has reduced the total public debt he inherited to $103.9 billion, which may be why The Economist reported last month that Nigeria’s 'golden years' are likely to return due to President Tinubu’s reforms," he claimed.

This assertion by Omokri has emerged in response to critiques from Senator Dino Melaye, who previously pointed out on his X account that while Buhari borrowed N83 trillion throughout eight years, Tinubu borrowed N158 trillion in just three years without subsidy, questioning the whereabouts of the funds.

While Melaye did not provide sources for his figures, Omokri did refer to the Debt Management Office’s (DMO) website to underpin his assertion, suggesting that people consult the DMO for the correct total public debt figure.

This fact-check focuses on Omokri’s claims, as they are backed by official information and substantiated arguments.

According to the DMO, Nigeria's public debt has seen considerable growth under various administrations. For instance, as of 2012, the total public debt was recorded at $48.49 billion (approximately N7.55 trillion). By September 30, 2025, this figure had increased to $55.47 billion, which equates to N81.81 trillion at a conversion rate of N1,474.85 to the dollar.

Furthermore, a review of the DMO data indicated that Nigeria’s total public debt was $108.29 billion (N49.85 trillion) on March 31, 2023, just before Tinubu took office on May 29, 2023, a figure calculated at an exchange rate of N460.85.

As of September 30, 2025, the total public debt decreased to approximately $103.93 billion but increased in naira value to N153.29 trillion, primarily due to currency depreciation, based on the same conversion rate. In comparison, former President Buhari began his term with a total public debt of $63.50 billion (N12.06 trillion) as of March 31, 2015, based on DMO data.

The apparent decrease in debt in dollar terms during Tinubu's tenure coincides with a significant rise in its naira value, a situation largely attributed to the naira’s devaluation rather than a genuine reduction in borrowing.

Final Verdict: Misleading.

Omokri's assertion that President Bola Tinubu inherited $113 billion from Buhari and lowered it to $103.9 billion is inaccurate. The official data indicates the inherited debt was $108.29 billion, not $113 billion. The current debt figure of around $103.93 billion is accurate in dollar terms, but the naira valuation has escalated considerably.

Ultimately, both Omokri's and Melaye's statements are inconsistent with the verified data from the Debt Management Office.