President Bola Tinubu disclosed that Nigeria will allocate about $11.6 billion to debt servicing in 2026. He made the statement on Tuesday during the Africa Forward Summit at the Kenyatta Convention Centre in Nairobi, Kenya.
Tinubu explained that the amount represents nearly half of the projected government revenue for the year. He noted that this obligation rose sharply from $5.15 billion in 2025. The president described the high cost as a major constraint on industrial development.
“Every single dollar that leaves our treasury to pay punitive interest rates is a dollar that did not go into our steel sector, our textile mills, our agro-processing plants, or our digital industries,” Tinubu said. He added that the funds also failed to support training for young engineers or provide affordable power for factories.
The Nigerian leader criticised the international financial system. He argued that it treats African countries as high-risk borrowers despite their reforms. Tinubu called for an overhaul that provides fairer access to affordable capital.
“Nigeria is not asking for charity. We are demanding a financial system that intentionally enables Africa to industrialise,” he stated. He urged lenders to assess creditworthiness based on economic fundamentals rather than outdated stereotypes.
Tinubu highlighted Nigeria’s recent economic steps. These included the removal of fuel subsidies, exchange rate unification, and banking recapitalisation. He said these reforms lowered the debt-to-GDP ratio to a projected 32.3 percent in 2026 and boosted external reserves to $45.5 billion.
The president also emphasised Nigeria’s blue economy potential. He offered the country’s Deep Blue Project infrastructure as a shared resource for Gulf of Guinea nations to enhance maritime security and attract investment.
Tinubu attended the summit alongside ministers and business leaders including Aliko Dangote and Tony Elumelu. The event, co-hosted by French President Emmanuel Macron and Kenyan President William Ruto, focused on investment, trade, and African development.
