The Federal Government has significantly reduced its debt servicing burden, cutting it from 91% of revenue to 62%, a move hailed as a major economic achievement.

Speaking during an interview with Arise News, Sunday Dare, Special Adviser on Media & Public Communication and Spokesperson to President Bola Tinubu, emphasized the administration’s commitment to responsible debt management and economic stability.

“We also have to look at the books. We’ve moved from spending 91% of our revenue on debt servicing to 62%. That’s a significant achievement,” Dare stated.

He highlighted President Tinubu’s efforts in repaying loans inherited from four previous administrations, stressing that governance is a continuous process. “If debt continues to hang over the economy, it cannot breathe. As a result, some of the revenue and resources coming in are being used to service nearly 16 different loans inherited from past administrations,” he added.

Addressing concerns about Nigeria’s borrowing, Dare noted that taking loans is a common global practice, citing the United States as one of the most indebted nations. “If you examine the list of the 14 most indebted countries globally, Nigeria is not even among the top 16. This is publicly available data,” he said.

He further emphasized that all government loans are justified and tied to specific projects and economic plans. “The key point is that every government has a responsibility to justify any loan it takes. These loans are never taken in isolation—they are tied to specific projects and development plans. Under President Tinubu’s leadership, there is a firm commitment to ensuring that any loan acquired is applied effectively to the policies and initiatives for which it was intended.”

The statement comes as the administration continues to implement fiscal reforms aimed at reducing Nigeria’s debt burden while driving economic growth and investment.