The Federal Government has debunked reports claiming that the President Bola Tinubu administration has accumulated approximately ₦80 trillion in new loans over the past three years, describing the figures as heavily exaggerated and grounded in accounting revaluations rather than fresh borrowing.
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The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, clarified the government’s position while briefing the Senate Committee on Finance on the current state of the nation’s economy.
Addressing lawmakers’ concerns over reports that the administration added ₦80 trillion to the ₦75 trillion debt inherited at its inception, Oyedele explained that media commentators failed to account for the impact of economic reforms.
He noted that while public debt stood at around ₦75 trillion when the current administration took office, subsequent foreign exchange reforms and the devaluation of the naira sharply elevated the local currency valuation of existing external debt obligations.
Despite the minister’s explanations regarding public debt metrics, members of the Senate Committee raised strong concerns over the slow pace and poor implementation of the capital expenditure component of the 2026 budget.
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