FG Dismisses Claims Tinubu Borrowed ₦80tn In Three Years

The Federal Government has dismissed claims that the administration of President Bola Tinubu borrowed about ₦80 trillion within three years, insisting that the figures being circulated are exaggerated and largely reflect accounting adjustments rather than fresh loans.

The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, clarified the position while briefing the Senate Committee on Finance on the state of the nation’s economy.

Responding to concerns by lawmakers over reports that the current administration borrowed about ₦80 trillion in addition to the ₦75 trillion debt it inherited, Oyedele said the figures being circulated by commentators and reported in some sections of the media did not represent the actual level of new borrowing.

According to him, Nigeria’s public debt stood at about ₦75 trillion when the Tinubu administration assumed office, but reforms and the depreciation of the naira significantly increased the naira value of the country’s external debt.

He said, “When this administration came into office, public debt was around ₦75 trillion. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively.

“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 ₦40 trillion to the public debt figure.”

The minister further explained that the securitisation of the Ways and Means advances approved by the National Assembly added about ₦33 trillion to the public debt stock, stressing that the amount was not fresh borrowing but existing obligations that were formally recognised.

Despite the clarification, members of the Senate Committee on Finance expressed concern over what they described as the poor implementation of the capital component of the 2026 budget.