FG Says N80tn Debt Rise Came From Naira Fall, Not Fresh Tinubu Loans

The Federal Government has rejected claims that President Bola Tinubu’s administration borrowed about N80tn, saying much of the increase in the country’s debt stock came from naira devaluation and older liabilities.

Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, gave the clarification during a briefing with the Senate Committee on Finance.

He told lawmakers that the public figure being discussed did not mean the current government had taken on N80tn in new loans. Daily Post reported that Oyedele said accounting changes, exchange-rate movement and inherited obligations were major parts of the debt increase.

The Guardian reported that Oyedele also linked the jump to the conversion of ways and means advances and other legacy items already on the books before the current administration.

The clarification came after senators raised questions about Nigeria’s debt profile and the pressure it places on public finances. Oyedele said the government was still working to raise revenue and improve debt sustainability, but insisted the borrowing claim was misleading.

The issue is politically sensitive because debt, inflation and the naira’s fall remain central to public debate over Tinubu’s economic reforms.

Sources: Daily Post, The Guardian