The Presidency has dismissed claims that President Bola Tinubu borrowed ₦120 trillion within three years in office, describing the figures as misleading and politically motivated.
Dada Olusegun, the president's special assistant on social media, said the claims failed to account for inherited debts and changes in the exchange rate.
The controversy followed criticism from opposition leaders Atiku Abubakar and Peter Obi over the government's borrowing and the removal of the petrol subsidy.
A viral social media graphic claimed that 16 Nigerian leaders borrowed a combined ₦46 trillion over 63 years, while Tinubu borrowed ₦120 trillion in three years.
Olusegun described the claims as products of “opposition propaganda machines.”
He explained that the ₦46 trillion debt recorded at the end of 2022 excluded ₦22.7 trillion in Central Bank of Nigeria Ways and Means advances, which were formally added to the debt records in May 2023.
He also said the earlier calculations used an exchange rate of ₦448 to the dollar, despite the parallel market rate exceeding ₦700.
“When the exchange rate was unified in June 2023, the exact same dollar debt instantly looked ₦13.4 trillion larger on paper overnight without a single new dollar being borrowed,” he said.
According to Olusegun, Nigeria's public debt increased from $113.4 billion in June 2023 to $120.9 billion in June 2026.
However, Debt Management Office figures show that the country's total public debt rose from ₦87.38 trillion in June 2023 to ₦166.79 trillion in June 2026.
Olusegun also said monthly allocations to states and local governments increased from ₦656 billion in April 2023 to ₦2.4 trillion in September 2026.
The Presidency's response comes amid renewed opposition criticism of the government's borrowing plans.
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