The Federal Government has formally refuted claims suggesting that President Bola Tinubu’s administration added N80tn in new debt over the past three years. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, addressed these concerns during a Senate Committee on Finance hearing.
Addressing the Senate, Oyedele explained that the perceived increase is primarily due to accounting adjustments rather than significant new loan acquisitions. When the administration assumed office, the public debt stood at approximately N75tn. Critics misinterpreted the current total as evidence of massive borrowing, but the minister clarified that currency fluctuations played a major role.
Because national debt is reported in naira, the currency’s depreciation forced a revaluation of foreign debt, which added over N40tn to the national records. Furthermore, N33tn was added following the legislative approval to securitize Ways and Means advances. Oyedele emphasized that this move formally recognized existing obligations rather than initiating fresh debt. Separately, the Senate committee voiced dissatisfaction regarding the execution of capital projects within the 2026 budget.
