The Nigerian Federal Government has dismissed claims that President Bola Tinubu’s administration has accumulated nearly N80 trillion in debt over the past three years.
Officials clarified that this figure is misleading, as it largely results from accounting reassessments and currency revaluations rather than new loans.
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Finance Minister Taiwo Oyedele offered these insights during an economic briefing with the Senate Committee on Finance on July 20.
Lawmakers expressed concern over reports suggesting that the current administration had increased the N75 trillion debt it inherited when it took office by nearly N80 trillion.
Oyedele explained that the reported figures do not accurately represent new borrowing: “When this administration came into power, public debt was around N75 trillion. Many compare that to today’s debt total and assume this government has borrowed extensively,” he stated.
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He mentioned that the significant drop in the value of the naira has caused the local currency value of Nigeria’s external debt to rise, given that public debt measurements are officially reported in naira.
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“With the reforms and naira depreciation, the foreign currency portion of our public debt needed re-evaluation since Nigeria’s debt is reported in naira. This accounting adjustment alone increased the public debt figure by over ₦40 trillion,” he noted.
Additionally, Oyedele pointed out that about N33 trillion was added to the national debt following the National Assembly’s approval to securitize Ways and Means advances, emphasizing that this was not new borrowing.
