A heated exchange unfolded on social media on Thursday, 26 March 2026, after former senator Dino Melaye claimed that Nigeria’s borrowing under President Bola Tinubu had far outstripped that of his predecessor, Muhammadu Buhari.
Posting on X, Melaye alleged: "Buhari with subsidy borrowed #83 trillion in 8 years while Tinubu without subsidy borrowed ₦158 trillion in 3 years. We have become a chartered borrowing nation. Where is the borrowed money please?"
The statement quickly drew a rebuttal from Reno Omokri, former presidential aide and ambassador-designate to Mexico.
In a lengthy response, Omokri dismissed Melaye’s figures as "false information on Nigeria’s indebtedness" and urged him to provide credible sources.
Omokri argued that President Tinubu had not borrowed N158 trillion, but instead inherited a debt stock of $113 billion from Buhari, which he said had since been reduced to $103.9 billion.
He cited recent reports by The Economist suggesting Nigeria’s economic outlook was improving, alongside credit rating upgrades by Moody’s and Fitch.
He further pointed to projections by the World Bank and IMF forecasting stronger growth, and cited reforms such as fuel subsidy removal, which he claimed had boosted state allocations and increased Nigeria’s exports of refined petroleum products.
Omokri concluded by calling on Melaye to correct what he described as a misleading impression, stressing that official figures were available on the Debt Management Office’s website.
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He said:
"Dear Distinguished Senator Dino Melaye,
"Re: False Information on Nigeria's Indebtedness
"Thank you for the post captured in the screenshot below. However, you are mistaken. President Tinubu has NOT borrowed ₦158 trillion in the past three years. That claim is false, and I don't know where you are getting such figures from.
"Could you please share your sources with the public?
"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 Magazine reported last month that Nigeria's 'golden years' are likely to return due to President Tinubu's reforms.
"It is also why Moody's and Fitch upgraded Nigeria's credit rating recently, which you may read about here brettonwoods.org/moodys-and-fit…
"Our improved debt position caused the World Bank to project a 4.4% GDP growth for Nigeria in 2024, while the IMF listed Nigeria as the sixth-largest contributor to global GDP growth in 2025, a fact celebrated by Elon Musk, the world's richest man.
"You may want to consult the Debt Management Office's website for the accurate figure of Nigeria's total debt via this link: dmo.gov.ng/debt-profile/t…
"Regarding the subsidy removal, you may kindly note that the policy has worked, as Nigeria is no longer the biggest fuel importer in Africa and is now the largest exporter of refined petroleum products in West Africa.
"It is also why federal allocations to states have increased by 200% under Tinubu and why the Nigerian minimum wage has increased by over 140% under this administration.
"I sincerely hope that, after cross-checking, you will return to social media to correct the false impression you have given Nigerians.
"Thanks again, and may God bless you.
"Reno Omokri."
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