The Federal Government has dismissed claims that President Bola Tinubu’s administration has borrowed about ₦80 trillion, describing the figures circulating in public as misleading.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, told the Senate Committee on Finance that the reported increase in Nigeria’s public debt was largely driven by the revaluation of foreign debt following the naira’s depreciation and the securitisation of inherited liabilities, rather than fresh borrowing.
Oyedele explained that although the National Assembly approved external borrowing under the Medium-Term Expenditure Framework (MTEF), the government had not drawn even half of the approved loans.
He noted that Nigeria’s public debt stood at about ₦75 trillion when President Tinubu assumed office, adding that exchange rate adjustments alone increased the debt stock by over ₦40 trillion, while the securitisation of the previous administration’s Ways and Means advances added another ₦33 trillion.
According to the minister, much of the domestic borrowing undertaken by the government has been for refinancing maturing debts, not new borrowing.
He stressed that all borrowing complies with the Fiscal Responsibility Act and is targeted at capital projects and human development.
Oyedele also defended continued borrowing despite improved revenue generation, explaining that borrowing remains necessary whenever government expenditure exceeds revenue.
Highlighting recent economic gains, he said Nigeria’s GDP grew by 3.8% in the first quarter of 2026, tax revenue rose to ₦21.6 trillion in the first half of the year, non-oil taxes now account for 76% of total tax revenue, and external reserves have surpassed $51 billion.
Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, welcomed the minister’s presentation, describing it as the most comprehensive financial briefing the committee has received, while calling for greater public clarity on Nigeria’s debt profile.
