Buhari Borrowed $400 Billion to Prop Up Naira, Alleges Senator Adeola

Senator Solomon Olamilekan Adeola has alleged that the administration of former President Muhammadu Buhari borrowed around $400 billion in a desperate attempt to stabilize Nigeria’s currency, the naira.

Speaking recently, the senator, who currently chairs the Senate Committee on Appropriations, criticized the previous government’s financial management, saying massive loans were taken with little positive impact on the economy. He also claimed trillions of naira were wasted on fuel subsidies that mainly benefited a small elite, while the broader population remained in hardship.

According to Adeola, these actions left Nigeria’s economy extremely fragile by the time President Bola Tinubu assumed office.

He argued that Tinubu inherited a nation on the verge of economic collapse, which forced him to immediately introduce difficult reforms such as subsidy removal and currency deregulation.

“President Tinubu had no option but to act fast. What he met was a near-dead economy,” Adeola said, defending the government’s current policies as necessary to rebuild the country’s finances and secure a stable future.

However, the senator’s claims especially the $400 billion figure have not been officially verified by Nigeria’s financial authorities. Analysts and observers are now calling for a clearer breakdown of the country’s debt history to better understand the scale of borrowing under Buhari’s leadership.

Meanwhile, as citizens continue to face high inflation and a weakened naira, Senator Adeola urged Nigerians to remain patient, insisting that the sacrifices being made today are crucial for long-term recovery.