Taiwo Oyedele, minister of finance and coordinating minister of the economy, says the sharp increase in Nigeria’s public debt is largely the result of naira depreciation and accounting adjustments rather than fresh borrowing by the Bola Tinubu administration.
Oyedele spoke on Monday while briefing the senate committee on finance on the state of the nation’s economy.
The minister was responding to questions from Adamu Aliero, senator representing Kebbi central, on claims that the current administration had borrowed about N80 trillion in addition to the N75 trillion public debt it inherited.
Oyedele said comparing the country’s debt stock at the start of the administration with the current figure without accounting for exchange rate movements created a misleading impression.
“When this administration came into office, public debt was around N75 trillion. Many people simply compare that figure with today’s debt stock and conclude that this government has
