The presidency has pushed back against Peter Obi’s criticism of Nigeria’s rising debt profile, arguing that the increase is largely a consequence of exchange rate reforms that the former Anambra governor also advocated during the 2023 presidential campaign.
Olusegun Dada, a social media aide of President Bola Tinubu, made the argument on Tuesday while responding to Obi’s claim that the current administration had engaged in excessive borrowing without accountability.
Obi had alleged that Nigeria’s total debt had risen to about N200 trillion under Tinubu’s administration.
Responding in a post on X, Dada said the increase in the naira value of Nigeria’s debt was driven mainly by currency devaluation rather than fresh borrowings.
“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
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