Public affairs commentator Emmanuel Osemeka has criticized the borrowing practices of the former President Muhammadu Buhari’s administration, describing it as one of the biggest economic blunders in Nigeria’s history.
Speaking during an interview on Trust TV, Osemeka stated that the Buhari-led All Progressives Congress government borrowed more money in eight years than the country had borrowed in the 55 years prior.
“One of the biggest economic mistakes of the APC administration is their appetite for borrowing,” Osemeka said. “President Muhammadu Buhari borrowed 64 trillion or thereabout in 8 years. Nigeria from 1960 to 2015 did not borrow 20 trillion.”
Osemeka’s remarks have reignited public discourse over Nigeria’s growing debt burden which many economists argue has placed a significant strain on national finances.
Critics of the Buhari administration have long expressed concern over the rate of borrowing, especially without corresponding improvements in infrastructure, industrial output, or social services.
While the government under Buhari often defended its borrowing by pointing to investments in infrastructure and security, concerns about debt servicing and sustainability continue to dominate economic policy discussions.
According to official figures from the Debt Management Office, Nigeria’s total public debt rose sharply during Buhari’s tenure, prompting warnings from international financial institutions and local analysts about the long-term implications for economic growth and fiscal stability.
As Nigeria continues to grapple with inflation, foreign exchange instability, and sluggish growth, Osemeka’s comments underscore the urgency of re-evaluating borrowing strategies under the current administration.
