The Presidency has dismissed claims that President Bola Tinubu borrowed ₦120 trillion within three years of assuming office, describing the figures circulating on social media as misleading and inaccurate.
Special Assistant to the President on Social Media, Dada Olusegun, stated this in a post on X on Sunday while responding to allegations that 16 previous Nigerian leaders collectively borrowed ₦46 trillion over 63 years, compared with the amount allegedly borrowed by Tinubu in just three years.
Olusegun accused opposition figures of manipulating Nigeria’s debt figures to discredit the Tinubu administration.
He explained that the ₦46 trillion figure attributed to Nigeria’s public debt in late 2022 did not include ₦22.7 trillion in Central Bank of Nigeria (CBN) Ways and Means advances, which were formally incorporated into the country’s debt stock in May 2023.
According to him, the depreciation of the naira also contributed significantly to the increase in the naira value of Nigeria’s external debt.
He noted that following the unification of the foreign exchange market in June 2023, the naira value of the country’s existing dollar-denominated debt increased by approximately ₦13.4 trillion without the Federal Government borrowing additional dollars.
Olusegun further disclosed that Nigeria’s public debt increased from $113.4 billion in June 2023 to $120.9 billion in June 2026, representing an increase of $7.5 billion.
He also defended President Tinubu’s decision to remove the petrol subsidy, arguing that the policy had increased revenue available for distribution among the three tiers of government.
According to him, monthly allocations from the Federation Account rose from ₦656 billion in April 2023 to approximately ₦2.4 trillion in September 2026.
However, figures released by the Debt Management Office (DMO) show that Nigeria’s total public debt increased from ₦87.38 trillion in June 2023 to ₦166.79 trillion by June 2026.
The figures cover outstanding debts owed by the Federal Government, state governments and the Federal Capital Territory.
Although the increase in the naira value of public debt has generated concerns, changes in the debt stock do not necessarily represent fresh borrowing alone, as exchange rate movements, debt repayments and the formal recognition of previously unrecorded obligations also influence the figures.
The controversy comes days after President Tinubu sought Senate approval for a fresh external borrowing plan of $7.7 billion to finance part of the 2026 budget deficit.
The borrowing request was presented to the Senate on Wednesday, November 4, replacing an earlier proposal for approximately $20.5 billion in external loans.
Following its presentation, the Senate referred the request to its Committee on Local and Foreign Debts for further consideration.
The debate over Nigeria’s rising debt profile and the impact of the Tinubu administration’s economic policies continues to attract reactions from political leaders, opposition figures and economic stakeholders.
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