Nigerian Government Denies ₦80 Trillion Borrowing Claim, Cites Accounting Adjustments
Oyedele said exchange-rate revaluation added more than ₦40 trillion to public debt, while much of domestic borrowing was used to refinance old obligations.
- On Monday, Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele addressed the Senate Committee on Finance, dismissing reports that President Bola Ahmed Tinubu's administration borrowed nearly N80 trillion since taking office.
- Oyedele clarified that naira depreciation required revaluing external debt, adding over N40 trillion to the debt stock, while securitizing Ways and Means advances from the previous administration added another N33 trillion in existing obligations.
- Public debt stood at approximately N75 trillion when the current administration assumed office, the minister explained, adding that much recent domestic borrowing involves refinancing maturing debt rather than accumulating new obligations.
- Senators, including Senate Chief Whip Tahir Monguno and Senator Adamu Aliero, challenged the administration over slow implementation of the 2026 budget's capital component, which Monguno described as a potential impeachable offense.
- Committee Chairman Sani Musa assured lawmakers that capital project execution would improve, noting the government is transitioning to a performance-based budgeting system to replace the current envelope method.
18 Articles
18 Articles
Nigeria: Govt Denies Borrowing N80trn, Says Debt Figures Exaggerated
The federal government on Monday dismissed claims that the President Bola Tinubu administration has borrowed about ₦80 trillion in the last three years, describing the figure as exaggerated and a product of accounting adjustments and inaccurate public reporting.
‘Not fresh borrowing’ - Oyedele reveals reason for Nigeria’s rising debt
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has hinted at the reason for the sharp increase in Nigeria’s public debt. Speaking before the Senate Committee on Finance on the state of the nation’s economy on Monday, Oyedele attributed the increase to naira depreciation and accounting adjustments rather than fresh borrowing […] ‘Not fresh borrowing’ – Oyedele reveals reason for Nigeria’s rising debt
Naira depreciation, not fresh borrowing, drove debt surge
According to the finance minister, exchange-rate revaluation and the recognition of inherited liabilities account for much of the increase in Nigeria’s public debt. The post Naira depreciation, not fresh borrowing, drove debt surge — Oyedele appeared first on Premium Times Nigeria.
Refinancing not fresh debt, FG sets record straight on public allegations
Nigeria’s Finance Minister clarifies the increase in public debt, stating it’s largely due to naira depreciation and securitisation, not fresh borrowing by Read More: https://punchng.com/refinancing-not-fresh-debt-fg-sets-record-straight-on-public-allegations/
Nigeria's debt figures exaggerated
THE Federal Government of Nigeria has declared that the Nation's debt profile is exaggerated, as monies borrowed under President Bola Ahmed Tinubu within the last three years are nowhere near the N80 trillion being bandied by public commentators and erroneously reported by Journalists. The post Nigeria’s debt figures exaggerated – FG appeared first on Vanguard News.
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