FG denies N80tn borrowing claim, says naira fall inflated debt figure

FG denied claims that President Bola Tinubu’s administration borrowed about N80tn within three years. Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, told the Senate Committee on Finance on July 21, 2026 that the figure is misleading and largely reflects accounting changes rather than new loans. He said when the administration took office, public debt was around N75tn. The sharp fall in the naira increased the naira value of Nigeria’s foreign debt because the country reports debt in local currency; this revaluation alone added more than ₦40tn to the debt stock. Oyedele also said about N33tn was added after the National Assembly approved securitisation of Ways and Means advances, which he stressed was formal recognition of existing obligations, not fresh borrowing. Lawmakers had questioned reports that the current administration borrowed N80tn in addition to the ₦75tn debt it inherited. The clarification comes amid Senate Committee concerns over poor implementation of capital projects in the 2026 budget. For citizens, understanding the distinction between accounting adjustments and actual borrowing is key to assessing fiscal sustainability and its impact on future taxes, subsidies, and public services. Will you accept the government's explanation or demand more transparency on what constitutes genuine new borrowing?

SOURCE: https://dailypost.ng/2026/07/21/we-did-not-borrow-all-n80tn-nigerian-govt-clarifies/