The Federal Government has dismissed reports that the administration of President Bola Tinubu borrowed about N80 trillion in fresh loans, explaining that the sharp increase in Nigeria’s public debt was mainly caused by accounting adjustments, exchange rate changes and the recognition of old obligations rather than new borrowing.
The clarification was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during his appearance before the Senate Committee on Finance to defend the state of the nation’s economy on Monday.
He was responding to concerns raised by Senator Adamu Aliero (Kebbi Central), who referred to reports claiming that the current administration had added about N80 trillion to the N75 trillion debt it inherited from the previous government.
According to the minister, many Nigerians had compared the country’s current debt stock with the figure inherited in 2023 without taking into account major financial adjustments that significantly changed
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