The Federal Government has dismissed claims that the President Bola Tinubu administration borrowed ₦80 trillion in its first three years, describing the reports as misleading and driven largely by accounting adjustments rather than fresh borrowing.
Speaking before the Senate Committee on Finance, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, explained that Nigeria’s public debt stood at about ₦75 trillion when the administration assumed office.
According to the minister, the sharp increase in the country’s debt profile was largely caused by the depreciation of the naira, which significantly raised the naira value of Nigeria’s external debt after it was revalued.
Oyedele said the currency adjustment alone added over ₦40 trillion to the public debt stock, stressing that the increase did not represent new loans.
He further explained that the securitisation of the Ways and Means advances, approved by the National Assembly, added another ₦33 trillion to the debt profile, noting that the amount reflected existing obligations rather than fresh borrowing.
Despite the clarification, members of the Senate Committee on Finance expressed concern over the implementation of the 2026 capital budget, urging the government to improve the execution of infrastructure and development projects.
