Naira depreciation, not fresh borrowing, drove debt surge — Oyedele
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said much of the increase in Nigeria’s public debt since the current administration assumed office resulted from exchange-rate depreciation and accounting adjustments rather than extensive new borrowing.
READ ALSO: Senate confirms Taiwo Oyedele as minister Following the liberalisation of the foreign exchange market in 2023, the naira depreciated significantly against major international currencies, increasing the naira value of Nigeria’s external debt even without equivalent new foreign borrowing.
According to him, the exchange-rate revaluation alone added more than ₦40 trillion to the public debt stock.
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