By Stephen Simon
The Presidency has rejected claims that President Bola Tinubu borrowed ₦120 trillion within three years of assuming office, describing the figures circulating on social media as misleading.
The clarification was issued by the President’s Special Assistant on Social Media, Dada Olusegun, who argued that comparisons between Nigeria’s accumulated debt under previous administrations and the current government failed to account for exchange-rate changes and previously unrecognised obligations.
In a statement posted on X on Sunday, Olusegun said claims that 16 previous Nigerian leaders collectively borrowed ₦46 trillion over 63 years, compared with ₦120 trillion under Tinubu in three years, presented an inaccurate picture of the country’s debt history.
He explained that the earlier ₦46 trillion figure did not include ₦22.7 trillion in Central Bank Ways and Means advances, which were formally recognised in May 2023.
He also argued that the use of an exchange rate of ₦448 to the dollar in earlier calculations understated the naira value of Nigeria’s foreign debt.
According to the Presidency, Nigeria’s public debt increased from $113.4 billion in June 2023 to approximately $120.9 billion by June 2026.
The administration attributed much of the increase in the naira-denominated debt figure to exchange-rate adjustments and the recognition of inherited obligations.
However, the debate comes amid continuing concerns over Nigeria’s debt burden and the government’s reliance on domestic and external borrowing to finance public expenditure.
The controversy has also been heightened by President Tinubu’s recent request for legislative approval of a fresh $7.7 billion external borrowing plan to help finance the 2026 budget deficit.
