FG Fires Back: Tinubu Never Borrowed ₦80 Trillion

The Federal Government has dismissed claims that President Bola Tinubu’s administration borrowed about ₦80 trillion within its first three years in office, insisting that the widely circulated figure is misleading and does not accurately reflect new borrowing.

According to Ireporter Online, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the clarification on Monday while briefing the Senate Committee on Finance on the state of the nation’s economy.

Oyedele was responding to concerns raised by lawmakers over reports suggesting that the current administration had accumulated about ₦80 trillion in debt in addition to the approximately ₦75 trillion inherited from the previous government.

The minister explained that the actual borrowing undertaken since President Tinubu assumed office is significantly lower than the figures being circulated, stressing that a substantial portion of the increase in Nigeria’s debt profile resulted from accounting adjustments rather than fresh loans.

He noted that the depreciation of the naira led to the revaluation of the country’s foreign currency-denominated debt, which is reported in naira, adding that this adjustment alone increased the public debt figure by more than ₦40 trillion.

Oyedele also stated that another major contributor was the securitisation of the Ways and Means advances obtained by the previous administration under former President Muhammadu Buhari, a move approved by the National Assembly. According to him, the process added about ₦33 trillion to the official debt stock without representing new borrowing.

The minister further explained that much of the government’s domestic borrowing involves refinancing existing obligations as they mature rather than taking on additional debt.

He maintained that the Tinubu administration has adopted a responsible borrowing strategy, emphasizing that funds obtained are being directed toward critical infrastructure and other productive investments instead of recurrent expenditure.

Oyedele added that the government remains committed to maintaining debt sustainability, stressing that every borrowed naira or dollar should generate value beyond its cost.

Despite the minister’s explanations, some senators expressed concerns over the implementation of the capital component of the 2026 budget. Senate Chief Whip Mohammed Monguno and Senator Adamu Aliero criticised the slow pace of capital project execution, warning that delays could undermine the objectives of the budget and slow national development.

However, Chairman of the Senate Committee on Finance, Senator Sani Musa, defended the administration’s efforts after a closed-door meeting with the minister and members of the government’s economic team.

Musa disclosed that discussions focused on improving budget implementation and ensuring government spending aligns with available revenue. He also revealed that both the executive and legislature are considering reforms, including performance- and priority-based budgeting systems, to strengthen fiscal discipline and enhance the effectiveness of public expenditure.