The Federal Government has refuted reports alleging that President Bola Tinubu’s administration incurred approximately N80 trillion in debt within three years.
The FG clarified that the sweeping total is misleading, explaining that the figure predominantly stems from accounting adjustments and currency revaluations rather than fresh borrowing.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, provided the clarification during an economic briefing with the Senate Committee on Finance Monday evening, July 20.
Lawmakers had raised questions regarding reports indicating that the present administration had added nearly N80 trillion to the N75 trillion debt burden it inherited upon taking office.
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Addressing the committee, Oyedele stated that the widely circulated figures fail to reflect actual new loans taken by the government.
“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,” Oyedele said.
The minister elaborated that the sharp devaluation of the naira significantly inflated the local currency equivalent of Nigeria’s existing external debt, given that national debt totals are officially calculated and reported in naira.
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“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,” he explained.
Oyedele further noted that approximately N33 trillion was added to the national debt balance following the National Assembly’s approval to securitize Ways and Means advances.
He emphasized that this process did not constitute fresh borrowing, but rather represented the formal recognition of pre-existing obligations.
Meanwhile, members of the Senate Committee on Finance voiced concern over what they characterized as poor implementation of the capital projects outlined in the 2026 budget.