The Federal Government has refuted reports claiming that the administration of President Bola Tinubu borrowed nearly ₦80 trillion within its first three years in office, insisting that the figures being circulated do not represent fresh borrowing.
The clarification was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, during a briefing with the Senate Committee on Finance on the state of Nigeria’s economy.
Addressing concerns raised by lawmakers over reports suggesting the current administration added about ₦80 trillion to the country’s debt after inheriting approximately ₦75 trillion, Oyedele explained that the increase was largely the result of financial adjustments rather than new loans.
He stated that when President Tinubu assumed office, Nigeria’s public debt was about ₦75 trillion. However, following economic reforms and the depreciation of the naira, the value of the country’s external debt increased significantly when converted into the local currency.
According to the minister, the revaluation of Nigeria’s foreign-denominated debt alone added more than ₦40 trillion to the overall public debt profile because the country’s debt is officially reported in naira.
Oyedele further explained that the securitisation of the Ways and Means advances, which had already been approved by the National Assembly, contributed an additional ₦33 trillion to the debt stock. He stressed that this amount represented existing financial obligations that were formally recognised and not new borrowing by the current administration.
Despite the explanation, members of the Senate Committee on Finance expressed dissatisfaction with the implementation of the capital component of the 2026 national budget, raising concerns over the pace of project execution.
