Nigeria’s debt and cost-of-living pressures became a focus of the 2027 election debate after a group backing Oyo State Governor Seyi Makinde accused President Bola Tinubu of risking national collapse.
The Makinde-Daura Presidential Campaign Organisation made the allegation in an Oct. 19 statement signed by its director of strategic communications, Richard Nnanna Ihediwa, BusinessDay and The Guardian reported. The group cited poverty, public borrowing and insecurity. BusinessDay reported that it also urged voters to support Makinde’s proposed RESET NIGERIA agenda.
Nigeria’s Debt Management Office (DMO) reported ₦166.788 trillion in total public debt as of June 30, 2026. The figure covers federal, state and Federal Capital Territory obligations, including ₦75.198 trillion in external debt and ₦91.590 trillion in domestic debt. The campaign cited ₦166.7 trillion, which is not the official total rounded to one decimal place.
The World Bank projected that debt would decline relative to the size of Nigeria’s economy, from 40% of gross domestic product in 2025 to 38.1% in 2026. The projection presents a different measure from the debt total cited by the campaign.
In an April presentation, the bank projected a 63% national poverty rate for both 2025 and 2026. Its Oct. 8 assessment said poverty had stabilized for the first time since 2019, though high prices continued to limit what households could afford. Real economic output grew 4.2% in the first half of 2026, compared with 3.9% a year earlier.
The bank linked higher state revenue partly to the end of the petrol subsidy. Changes to the exchange rate and stronger revenue collection also contributed, it said. The bank called for more effective spending on services and job creation so those resources would improve living standards.
BusinessDay reported that Tinubu rejected a return to the petrol subsidy at an Oct. 19 gathering of supporters.
The Independent National Electoral Commission (INEC) has scheduled Nigeria’s presidential and National Assembly elections for Jan. 16, 2027.
