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The Federal Government has dismissed reports claiming that President Bola Tinubu’s administration borrowed nearly N80 trillion within its first three years in office.

The government maintained that the widely circulated figure is misleading, explaining that a significant portion resulted from accounting adjustments rather than fresh borrowing.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, gave the clarification while addressing the Senate Committee on Finance during a session on the nation’s economic performance.

Lawmakers had raised concerns over reports suggesting that the current administration borrowed about N80 trillion in addition to the N75 trillion debt it inherited.

Responding, Oyedele stated that the figures being circulated and published by some media organisations do not accurately represent the volume of new loans obtained by the government.

He said, “When this administration came into office, public debt was around N75tn. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively.”

The minister explained that the depreciation of the naira significantly increased the naira value of Nigeria’s external debt because the country’s total debt profile is recorded in the local currency.

He explained, “However, 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 ₦40tn to the public debt figure.”

Oyedele further disclosed that another N33 trillion was reflected in the debt profile after the National Assembly approved the securitisation of the Ways and Means advances.

He emphasised that the amount did not represent fresh borrowing but rather the official recognition of previously existing financial obligations.

Meanwhile, members of the Senate Committee on Finance voiced concerns over what they described as the unsatisfactory execution of capital projects captured in the 2026 national budget.

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