By SUNTV Global Channel News
Published: Tuesday, July 21, 2026
Category: Economy | National News
ABUJA, Nigeria — The Federal Government has dismissed claims that the administration of President Bola Ahmed Tinubu borrowed ₦80 trillion within its first three years in office, stating that the increase in Nigeria’s public debt was largely driven by the depreciation of the naira and the revaluation of existing external obligations rather than fresh borrowing.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the clarification while briefing the Senate Committee on Finance during a review of the nation’s fiscal outlook.
Responding to concerns raised by lawmakers over reports that the current administration had significantly increased the country’s debt profile beyond the approximately ₦75 trillion inherited at the beginning of its tenure, the minister said such comparisons failed to account for major economic changes that affected the valuation of Nigeria’s debt.
According to Oyedele, the sharp depreciation of the naira substantially increased the naira value of Nigeria’s foreign-denominated debt because the country’s public debt is reported in local currency. He explained that the revaluation of external loans alone added more than ₦40 trillion to the total debt stock without any equivalent level of new borrowing.
The minister further disclosed that the securitisation of the Federal Government’s Ways and Means advances—an exercise approved by the National Assembly—contributed approximately ₦33 trillion to the current debt profile. He stressed that the figure represents existing financial obligations that were formally recognised in the nation’s debt records and should not be interpreted as new borrowing.
Oyedele maintained that claims suggesting the Tinubu administration borrowed an additional ₦80 trillion were misleading and did not accurately reflect the government’s actual borrowing activities.
Meanwhile, members of the Senate Committee on Finance expressed concern over the pace of implementation of the capital component of the 2026 Appropriation Act, urging the Federal Government to accelerate the execution of critical infrastructure projects to promote economic growth and deliver tangible benefits to Nigerians.
The committee also called for improved budget implementation to ensure that approved capital allocations translate into visible infrastructure development and sustainable national progress.
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