The Federal Government (FG) has denied claims that President Bola Tinubu’s administration borrowed about N80tn within three years.
According to the government, the figure is misleading and largely reflects accounting changes rather than new loans.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, made the clarification while speaking to the Senate Committee on Finance during a briefing on the country’s economy.
Lawmakers had questioned reports that the current administration borrowed about N80 trillion in addition to the 75m debt it inherited.
However, Oyedele said the figures being circulated and reported by some media outlets do not show the actual amount of fresh borrowing.
He said, “When this administration came into office, public debt was around N75tn. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively.”
According to the minister, the sharp fall in the value of the naira increased the naira value of Nigeria’s foreign debt because the country’s total debt is recorded in naira.
He explained, “However, following the reforms and the depreciation of the naira, the foreign currency component of our public debt had to be revalued because Nigeria reports its debt in naira. That accounting adjustment alone added more than ₦40tn to the public debt figure.”
Oyedele also said about N33tr was added to the debt stock after the National Assembly approved the securitisation of the Ways and Means advances.
He stressed that this was not new borrowing but the formal recognition of existing obligations.
Meanwhile, members of the Senate Committee on Finance expressed concern over what they described as the poor implementation of the capital projects contained in the 2026 budget.
