{"id":5428,"date":"2026-03-09T07:37:54","date_gmt":"2026-03-09T07:37:54","guid":{"rendered":"https:\/\/xeroltha.com\/?p=5428"},"modified":"2026-03-05T14:00:23","modified_gmt":"2026-03-05T14:00:23","slug":"a-deeper-look-into-the-ways-and-means-debt-that-tinubu-inherited","status":"publish","type":"post","link":"https:\/\/xeroltha.com\/blog\/a-deeper-look-into-the-ways-and-means-debt-that-tinubu-inherited\/","title":{"rendered":"A deeper look into the &#8220;Ways and Means&#8221; debt that Tinubu inherited"},"content":{"rendered":"<p data-path-to-node=\"0\">The transition from Muhammadu Buhari to Bola Tinubu was more than a change of personnel; it was a fiscal &#8220;reset&#8221; that exposed the sheer magnitude of the debt Buhari had accumulated in the shadows.<\/p><div class=\"03bb5c02e2f58c6bb7f372bc13011e34\" data-index=\"1\" style=\"float: none; margin:10px 0 10px 0; text-align:center;\">\n<p style=\"text-align: center;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size:10px;\">Advertisement<\/span><\/span><\/p>\r\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-8677361123316975\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ZXZ -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-8677361123316975\"\r\n     data-ad-slot=\"3054782407\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br><br \/>\n<\/div>\n\n<p data-path-to-node=\"1\">Here is a detailed breakdown of the <b data-path-to-node=\"1\" data-index-in-node=\"36\">&#8220;Ways and Means&#8221;<\/b> debt and a comparative look at the <b data-path-to-node=\"1\" data-index-in-node=\"88\">security landscape<\/b> from 2023 to early 2026.<\/p>\n<p data-path-to-node=\"1\">\n<hr data-path-to-node=\"2\" \/>\n<h2 data-path-to-node=\"3\">1. The Fiscal Inheritance: &#8220;Ways and Means.&#8221;<\/h2>\n<p data-path-to-node=\"4\">The biggest economic shock Tinubu delivered was uncovering the &#8220;Ways and Means&#8221; advances\u2014essentially an overdraft the Central Bank of Nigeria (CBN) gave to Buhari&#8217;s government to cover budget deficits.<\/p>\n<h3 data-path-to-node=\"5\"><\/h3>\n<h3 data-path-to-node=\"5\">The Buhari Debt &#8220;Bubble&#8221;<\/h3>\n<ul data-path-to-node=\"6\">\n<li>\n<p data-path-to-node=\"6,0,0\"><b data-path-to-node=\"6,0,0\" data-index-in-node=\"0\">The Hidden Bill:<\/b> For years, the Buhari administration bypassed the National Assembly to borrow directly from the CBN. <span class=\"citation-55\">By the time he left in May 2023, this &#8220;secret&#8221; debt stood at approximately <\/span><b data-path-to-node=\"6,0,0\" data-index-in-node=\"193\"><span class=\"citation-55\">\u20a622.7 trillion<\/span><\/b><span class=\"citation-55 citation-end-55\">.<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"6,1,0\"><b data-path-to-node=\"6,1,0\" data-index-in-node=\"0\"><span class=\"citation-54\">The Last-Minute Legalization:<\/span><\/b><span class=\"citation-54 citation-end-54\"> Just days before leaving office, Buhari secured Senate approval to &#8220;securitize&#8221; this debt (turn it into long-term bonds).<\/span> This moved the debt from the CBN\u2019s books to the public debt stock, causing Nigeria\u2019s official debt to &#8220;jump&#8221; overnight from <b data-path-to-node=\"6,1,0\" data-index-in-node=\"276\">\u20a649 trillion<\/b> to <b data-path-to-node=\"6,1,0\" data-index-in-node=\"292\">\u20a687 trillion<\/b> in June 2023.<\/p>\n<div class=\"source-inline-chip-container ng-star-inserted\"><\/div>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"7\">The Tinubu Response (2023\u20132026)<\/h3>\n<ul data-path-to-node=\"8\">\n<li>\n<p data-path-to-node=\"8,0,0\"><b data-path-to-node=\"8,0,0\" data-index-in-node=\"0\">Total Securitization:<\/b> Upon taking office, Tinubu discovered even more outstanding advances, bringing the total Ways and Means debt to over <b data-path-to-node=\"8,0,0\" data-index-in-node=\"139\">\u20a630 trillion<\/b>.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"8,1,0\"><b data-path-to-node=\"8,1,0\" data-index-in-node=\"0\">Debt Service Stress:<\/b> By 2024, the cost of serving this debt consumed nearly <b data-path-to-node=\"8,1,0\" data-index-in-node=\"76\">97% of government revenue<\/b>.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"8,2,0\"><b data-path-to-node=\"8,2,0\" data-index-in-node=\"0\"><span class=\"citation-53\">2026 Status:<\/span><\/b><span class=\"citation-53\"> As of January 2026, the administration has successfully reduced the debt-to-service ratio to roughly <\/span><b data-path-to-node=\"8,2,0\" data-index-in-node=\"114\"><span class=\"citation-53\">68%<\/span><\/b><span class=\"citation-53 citation-end-53\"> by aggressively expanding the tax net and using the savings from the removed fuel subsidy to pay down obligations.<\/span> <span class=\"citation-52\">However, total public debt has ballooned to over <\/span><b data-path-to-node=\"8,2,0\" data-index-in-node=\"282\"><span class=\"citation-52\">\u20a6149 trillion<\/span><\/b><span class=\"citation-52 citation-end-52\">, largely due to the devaluation of the Naira against foreign loans.<\/span><\/p>\n<div class=\"source-inline-chip-container ng-star-inserted\"><\/div>\n<\/li>\n<\/ul>\n<hr data-path-to-node=\"9\" \/>\n<h2 data-path-to-node=\"10\">2. Security: A Comparison of Two Doctrines<\/h2>\n<p data-path-to-node=\"11\">While Buhari was criticized for &#8220;lethargic&#8221; security management, Tinubu has adopted a more &#8220;active&#8221; but equally controversial approach.<\/p>\n<h3 data-path-to-node=\"12\"><\/h3>\n<h3 data-path-to-node=\"12\">The Buhari Era (2015\u20132023)<\/h3>\n<ul data-path-to-node=\"13\">\n<li>\n<p data-path-to-node=\"13,0,0\"><b data-path-to-node=\"13,0,0\" data-index-in-node=\"0\">Strategy:<\/b> Protectionist and reactive. He focused on the Northeast (Boko Haram) but largely ignored the rising threat of &#8220;Banditry&#8221; in the Northwest until his final years.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"13,1,0\"><b data-path-to-node=\"13,1,0\" data-index-in-node=\"0\">Fatalities:<\/b><span class=\"citation-51\"> Data shows that approximately <\/span><b data-path-to-node=\"13,1,0\" data-index-in-node=\"42\"><span class=\"citation-51\">31,821 people<\/span><\/b><span class=\"citation-51 citation-end-51\"> were killed by non-state actors during his eight years.<\/span><\/p><div class=\"03bb5c02e2f58c6bb7f372bc13011e34\" data-index=\"1\" style=\"float: none; margin:10px 0 10px 0; text-align:center;\">\n<p style=\"text-align: center;\"><span style=\"font-family:arial,helvetica,sans-serif;\"><span style=\"font-size:10px;\">Advertisement<\/span><\/span><\/p>\r\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-8677361123316975\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ZXZ -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-8677361123316975\"\r\n     data-ad-slot=\"3054782407\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br><br \/>\n<\/div>\n\n<\/li>\n<li>\n<p data-path-to-node=\"13,2,0\"><b data-path-to-node=\"13,2,0\" data-index-in-node=\"0\">The &#8220;Deafening Silence&#8221;:<\/b> His refusal to visit scenes of massacres (like in Plateau or Benue) created a sense of abandonment.<\/p>\n<\/li>\n<\/ul>\n<h3 data-path-to-node=\"14\"><\/h3>\n<h3 data-path-to-node=\"14\">The Tinubu Era (2023\u20132026)<\/h3>\n<ul data-path-to-node=\"15\">\n<li>\n<p data-path-to-node=\"15,0,0\"><b data-path-to-node=\"15,0,0\" data-index-in-node=\"0\">Strategy:<\/b> Decisive force and &#8220;kinetic&#8221; operations. Tinubu replaced all security chiefs immediately and increased the use of drone strikes.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,1,0\"><b data-path-to-node=\"15,1,0\" data-index-in-node=\"0\">The Numbers:<\/b> Recent data from <i data-path-to-node=\"15,1,0\" data-index-in-node=\"30\">Beacon Security and Intelligence<\/i> shows that while terrorism deaths have slightly dropped, <b data-path-to-node=\"15,1,0\" data-index-in-node=\"120\">kidnapping has surged.<\/b><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,1,0\"><b data-path-to-node=\"15,1,0\" data-index-in-node=\"145\"><span class=\"citation-50\">Fatalities:<\/span><\/b><span class=\"citation-50\"> Between June 2023 and April 2025, over <\/span><b data-path-to-node=\"15,1,0\" data-index-in-node=\"196\"><span class=\"citation-50\">17,617 fatalities<\/span><\/b><span class=\"citation-50 citation-end-50\"> were recorded.\u00a0<\/span><\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,1,0\">\n<p data-path-to-node=\"15,1,1,0,0\"><b data-path-to-node=\"15,1,1,0,0\" data-index-in-node=\"0\"><span class=\"citation-49\">Abductions:<\/span><\/b><span class=\"citation-49 citation-end-49\"> Kidnapping has become a &#8220;national industry.&#8221;<\/span> In one 12-month period (2024\u20132025), Nigerians reportedly paid a staggering <b data-path-to-node=\"15,1,1,0,0\" data-index-in-node=\"132\">\u20a62.23 trillion in ransoms<\/b>.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"15,2,0\"><b data-path-to-node=\"15,2,0\" data-index-in-node=\"0\">2026 Reality:<\/b> Security has improved in the Niger Delta (boosting oil production to 1.7m bpd), but the Northwest and North-Central regions remain &#8220;war zones.&#8221; <span class=\"citation-48 citation-end-48\">Mass school abductions returned in late 2025, with a major raid in Niger State involving over 300 students.<\/span><\/p>\n<p>&nbsp;<\/li>\n<\/ul>\n<hr data-path-to-node=\"16\" \/>\n<h2 data-path-to-node=\"17\">3. The &#8220;Winner-Takes-All&#8221; vs. &#8220;Renewed Hope.&#8221;<\/h2>\n<table data-path-to-node=\"18\">\n<thead>\n<tr>\n<td><strong>Feature<\/strong><\/td>\n<td><strong>Buhari (The General)<\/strong><\/td>\n<td><strong>Tinubu (The Reformer)<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"18,1,0,0\"><b data-path-to-node=\"18,1,0,0\" data-index-in-node=\"0\">Appointments<\/b><\/span><\/td>\n<td><span data-path-to-node=\"18,1,1,0\">Criticized as &#8220;lopsided&#8221; toward the North.<\/span><\/td>\n<td><span data-path-to-node=\"18,1,2,0\">Accused of favoring the &#8220;Southwest\/Lagos&#8221; circle.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"18,2,0,0\"><b data-path-to-node=\"18,2,0,0\" data-index-in-node=\"0\">Dissent<\/b><\/span><\/td>\n<td><span data-path-to-node=\"18,2,1,0\">Used SSS\/DSS to arrest critics (e.g., Sowore).<\/span><\/td>\n<td><span data-path-to-node=\"18,2,2,0\">Uses &#8220;Economic Stabilization&#8221; and Tax laws to pressure opposition.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"18,3,0,0\"><b data-path-to-node=\"18,3,0,0\" data-index-in-node=\"0\">Protest Handling<\/b><\/span><\/td>\n<td><span data-path-to-node=\"18,3,1,0\">Lekki Toll Gate (Oct 2020) \u2013 Military force.<\/span><\/td>\n<td><span data-path-to-node=\"18,3,2,0\">August 2024 Hunger Protests \u2013 Police containment &amp; dialogue.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"18,4,0,0\"><b data-path-to-node=\"18,4,0,0\" data-index-in-node=\"0\">Communication<\/b><\/span><\/td>\n<td><span data-path-to-node=\"18,4,1,0\">Rare media chats; spoke through aides.<\/span><\/td>\n<td><span data-path-to-node=\"18,4,2,0\">Frequent (if rehearsed) national broadcasts and town halls.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr data-path-to-node=\"19\" \/>\n<h3 data-path-to-node=\"20\">Summary of the Transition<\/h3>\n<p data-path-to-node=\"21\">Buhari left a house with <b data-path-to-node=\"21\" data-index-in-node=\"25\">rotting foundations<\/b>\u2014hidden debts, a crippled currency, and a security architecture that had &#8220;lost the battle.&#8221;<\/p>\n<p data-path-to-node=\"22\">Tinubu has chosen to <b data-path-to-node=\"22\" data-index-in-node=\"21\">demolish and rebuild<\/b>, but the &#8220;dust&#8221; from this demolition (high fuel prices, 30%+ inflation in 2024, and Naira crashes) has made life almost unbearable for the middle class. By early 2026, the economy is showing &#8220;green shoots&#8221; of stability, but the security crisis\u2014specifically the kidnapping epidemic\u2014remains a dark cloud over his legacy.<\/p>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>The transition from Muhammadu Buhari to Bola Tinubu was more than a change of personnel; it was a fiscal &#8220;reset&#8221; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[182,198],"tags":[],"class_list":["post-5428","post","type-post","status-publish","format-standard","hentry","category-deep-dives","category-nigeria"],"_links":{"self":[{"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/posts\/5428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/comments?post=5428"}],"version-history":[{"count":1,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/posts\/5428\/revisions"}],"predecessor-version":[{"id":5429,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/posts\/5428\/revisions\/5429"}],"wp:attachment":[{"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/media?parent=5428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/categories?post=5428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xeroltha.com\/blog\/wp-json\/wp\/v2\/tags?post=5428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}