Bola Tinubu has revealed that Nigeria is expected to spend about 11.6 billion U.S. dollars servicing its debt in 2026, nearly half of projected Government revenue, as he called for reforms to what he described as an unfair global financial system for African countries.
Speaking at the Africa Forward Summit in Nairobi on Tuesday, May 12, Tinubu said rising debt-servicing costs were diverting resources away from infrastructure, healthcare, education and industrial development.
The summit, co-hosted by Kenya and France, brought together leaders from more than 30 countries.
Tinubu criticized what he termed punitive borrowing conditions imposed on African economies, arguing that high interest rates and limited access to long-term financing were constraining growth and industrialization across the continent.
He said Nigeria’s recent economic reforms, including the removal of fuel subsidies, currency devaluation and tax restructuring, had helped stabilize macroeconomic indicators and improve investor confidence. However, he warned that the gains risked being undermined by a global financial system that continues to classify African nations as high-risk borrowers.
The Nigerian President called for cheaper financing, stronger economic integration, action against illicit financial flows and greater support for industrialization across Africa.
He stressed that Nigeria was not seeking charity but rather a fair financial framework that would allow African countries to process their own resources, expand manufacturing and compete effectively in global markets.