FG Dismisses N80 Trillion Borrowing Claims

The Federal Government has firmly rejected reports suggesting that President Bola Tinubu’s administration borrowed around N80 trillion in just three years.

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Officials described the circulating figures as misleading and inaccurate. They stressed that the apparent debt increase stems mainly from accounting adjustments rather than fresh loans.

Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, provided the clarification during a Senate Committee on Finance briefing. 

Lawmakers had raised concerns over the reported debt levels compared to the N75 trillion inherited by the current administration.

Oyedele explained that simple comparisons between past and present debt stocks fail to capture the full picture. 

“The reality is more nuanced than headline numbers suggest,” he noted, adding that many analyses overlook key economic shifts.

A major factor, according to the minister, is the significant depreciation of the naira. 

Since Nigeria records its total public debt in local currency, the weaker naira dramatically raised the naira value of existing foreign obligations.

This revaluation alone contributed more than N40 trillion to the debt stock, Oyedele revealed.

Additionally, about N33 trillion was incorporated following National Assembly approval for the securitisation of Ways and Means advances. 

“These were not new borrowings but the formal recognition of pre-existing obligations,” Oyedele clarified during the session.

The minister emphasised that the Tinubu administration continues to focus on sustainable economic reforms amid these fiscal realities.

Meanwhile, senators on the Finance Committee voiced worries about the slow execution of capital projects in the 2026 budget. They called for improved implementation to deliver tangible benefits to Nigerians.

This clarification aims to set the record straight on Nigeria’s public debt management and ongoing economic strategies.