FG: Nigeria’s debt figures inflated, Tinubu administration has not borrowed ₦80trn
The minister explained that while Nigeria’s public debt stood at about ₦75 trillion when the administration assumed office, subsequent increases were largely influenced by currency depreciation, debt revaluation and the formal recognition of existing obligations.
Oyedele was responding to questions from lawmakers, including Senator Adamu Aliero (APC, Kebbi Central), over reports that the current administration inherited a debt profile of about ₦75 trillion and had added another ₦80 trillion.
According to him, the securitisation of the Central Bank of Nigeria’s Ways and Means advances from the previous administration also contributed about ₦33 trillion to the official debt stock after approval by the National Assembly.
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