Abuja, July 21, 2026 – The Federal Government says Nigeria’s debt profile is being exaggerated and far below N80 trillion as being touted by commenators.
Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, said this on Monday during a meeting with the Senate Committee on Finance.
He denied the allegation that borrowings under President Bola Tinubu administration had exceeded N80 trillion in the last three years.
The minister made the clarification while responding to allegations by Sen. Adamu Aliero (Kebbi Central) that the administration incurred N80 trillion debt in addition to the N75 trillion it inherited.
He said the entire debt profile of the administration was exaggerated through multiple reporting by the media and reporting the figures.
“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, it is important to note that 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.
“Another important factor is the securitisation of the Ways and Means advances from the previous administration which the National Assembly approved.
“About ₦33 trillion was added to the public debt through that process. It was not a new borrowing; it was simply bringing previously existing obligations onto the official debt books.
“These factors have not always been properly explained, which is why the reported public debt appears much larger,” he explained.
The minister further said that the actual amount the present administration had borrowed was nowhere near what many people believed.
“Even for domestic borrowing, much of it is refinancing. Debt that was borrowed previously matures, and government raises new debt to refinance it. That is not new borrowing,” he said.
Oyedele added that the Tinubu-led administration had been very responsible in its borrowing, which was strictly for infrastructure and not for anything consumptive.
“This administration has been very responsible in its borrowing. We understand the concerns of Nigerians and of the distinguished senators, but we remain fully committed to debt sustainability.
“We see debt as leverage. Every naira and every dollar borrowed should generate more value than the amount borrowed,” he said.
