The Presidency has dismissed claims by the 2027 presidential candidate of the Nigeria Democratic Congress, Peter Obi, that the administration of President Bola Tinubu has accumulated more than N100tn in debt within three years, attributing the increase in Nigeria’s debt profile largely to the impact of naira devaluation.
Special Assistant to the President on Social Media, Dada Olusegun, stated this on Tuesday while responding to Obi’s criticism of the government’s borrowing record and fiscal management.
“For the umpteenth time, Nigeria’s obvious debt portfolio increase over the past three years under the administration of President Tinubu is not a function of new borrowings rather; vast majority of them are mathematical impacts of currency devaluation which you also promised to implement during your campaigns,” Olusegun said.
He argued that a significant portion of the country’s debt profile predated the current administration, noting that the government inherited about N20tn in Ways and Means
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