Di Federal Government don dismiss claims say President Bola Tinubu government borrow about ₦80 trillion for three years. Dem say di figures wey dey fly around na exaggeration and na accounting adjustment, not fresh loans.
Di Minister of Finance and Coordinating Minister of di Economy, Mr. Taiwo Oyedele, make di clarification while e dey brief di Senate Committee on Finance today about di state of di nation economy.
E dey respond to concerns wey lawmakers raise over reports say dis administration don borrow about ₦80 trillion on top di ₦75 trillion debt wey dem inherit. Di minister tell di committee say di figures wey commentators dey circulate and some media dey report no reflect di actual level of new borrowing.
According to am, Nigeria public debt stand at about ₦75 trillion when Tinubu government take over, but subsequent reforms and di depreciation of naira significantly increase di naira value of di country external debt.
“When dis administration come into office, public debt na around ₦75 trillion. Many people simply compare dat figure with today debt stock and conclude say dis government don borrow massively. However, following di reforms and di depreciation of di naira, di foreign currency component of our public debt get to be revalued because Nigeria dey report its debt in naira. Dat accounting adjustment alone add more than ₦40 trillion to di public debt figure,” e yarn.
Di minister also explain say di securitisation of di Ways and Means advances wey di National Assembly approve add about ₦33 trillion to di public debt stock. E assert say di amount no represent new borrowing but existing obligations wey dem formally recognise.
But members of di Senate Committee express concern over wetin dem describe as poor implementation of di capital component of di 2026 budget.
