The Federal Government has dismissed claims that President Bola Tinubu’s administration borrowed about ₦80 trillion within three years, saying the figure is misleading and largely reflects accounting adjustments rather than fresh borrowing.
The clarification was made by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, while briefing the Senate Committee on Finance on the state of the nation’s economy.
Lawmakers had questioned reports that the current administration borrowed about ₦80 trillion in addition to the ₦75 trillion public debt it inherited.
Responding, Oyedele said the figures circulating in some media reports do not accurately represent the amount of new loans obtained by the government.
“When this administration came into office, public debt was around ₦75 trillion. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively,” he said.
According to the minister, the sharp depreciation of the naira significantly increased the naira value of Nigeria’s foreign debt because the country’s total public debt is recorded in the local currency.
He explained that the revaluation of the foreign currency component of the debt, following the government’s economic reforms and the depreciation of the naira, added more than ₦40 trillion to the overall public debt figure.
Oyedele also disclosed that about ₦33 trillion was added to the debt stock after the National Assembly approved the securitisation of the Ways and Means advances.
He stressed that the amount did not represent fresh borrowing but was merely the formal recognition of existing financial obligations.
Meanwhile, members of the Senate Committee on Finance expressed concern over what they described as the poor implementation of capital projects captured in the 2026 Appropriation Act, calling for improved budget execution.
