SNOW TV NEWS DESK
The Presidency has pushed back against claims that President Bola Tinubu’s administration borrowed ₦120 trillion within three years of taking office, describing the widely circulated figures as misleading and lacking proper context.
Dada Olusegun, Special Assistant to the President on Social Media, addressed the controversy in a statement shared on X on Sunday, November 8, accusing opposition groups of deliberately misrepresenting Nigeria’s debt figures to discredit the administration.
The controversy followed the circulation of a viral graphic claiming that 16 Nigerian leaders collectively borrowed about ₦46 trillion over 63 years, while Tinubu alone accumulated ₦120 trillion in loans within just three years, despite removing the petrol subsidy.
However, Olusegun argued that the comparison failed to account for inherited government liabilities, changes in foreign exchange valuation, and the impact of the naira’s depreciation on Nigeria’s debt profile.
He explained that Nigeria’s reported ₦46 trillion public debt as of December 2022 did not include ₦22.7 trillion in Central Bank of Nigeria (CBN) Ways and Means advances, which were formally recognized by the government in May 2023.
He also pointed out that earlier debt calculations used an exchange rate of about ₦448 to the dollar, even though the parallel market rate had already exceeded ₦700 at the time.
According to him, the June 2023 exchange rate unification increased the naira value of Nigeria’s existing dollar-denominated debt by approximately ₦13.4 trillion. He maintained that this increase reflected currency revaluation rather than fresh foreign borrowing.
Olusegun further stated that Nigeria’s public debt rose from $113.4 billion in June 2023 to $120.9 billion in June 2026, representing an increase of $7.5 billion.
Defending the removal of the petrol subsidy, he said the policy had strengthened revenue distributions to the three tiers of government through the Federation Account Allocation Committee (FAAC). He noted that monthly allocations increased from ₦656 billion in April 2023 to ₦2.4 trillion by September 2026.
Figures from the Debt Management Office, however, show that Nigeria’s public debt increased significantly in naira terms, rising from approximately ₦87.38 trillion in June 2023 to ₦166.79 trillion in June 2026. The government has attributed much of the difference to exchange rate adjustments and the recognition of previously accumulated liabilities.
The debate comes as Tinubu seeks fresh legislative approval for a $7.7 billion external loan to partly finance the 2026 budget deficit. The proposed borrowing, estimated at ₦10.79 trillion using the budget exchange rate of ₦1,400 per dollar, has attracted criticism from opposition parties.
The latest request also replaces an earlier proposal seeking $20.52 billion and €1.045 billion in external loans.
While the presidency insists that the viral ₦120 trillion claim misrepresents the figures, concerns remain over Nigeria’s growing debt burden, the cost of servicing loans, and the long-term implications of continued borrowing for future generations.
Ultimately, the debate is not just about how much Nigeria has borrowed but also whether the country’s increasing debt is translating into sustainable economic growth and improved living conditions for ordinary Nigerians.
“Sir Bartholomew White Ebe is a Lagos-based media personality, Music Artist, Producer, and a Relationship Coach and independent journalist. With over seven years of experience tracking political developments and cultural shifts in Nigeria, he specializes in local current affairs, grassroots politics, and community-driven reporting across Lagos State. As the founder and chief editor of Snow Multimedia Connect {SNOW TV}, he leads the editorial team to deliver verified, high-impact stories to digital audiences.”
Email: snowmediaconnect@gmail.com
