The Federal Government has dismissed claims that President Bola Tinubu's administration borrowed about ₦80 trillion in its first three years, saying the figures are misleading and largely reflect accounting adjustments rather than fresh loans.
Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele made the clarification on Monday while briefing the Senate Committee on Finance about the state of the economy.
Lawmakers had questioned reports suggesting the current administration added about ₦80 trillion to the ₦75 trillion public debt it inherited in 2023.
Oyedele said many commentators had wrongly compared the current debt stock with the inherited figure without considering changes in the value of Nigeria's external debt.
"When this administration came into office, public debt was around ₦75 trillion.
"Many people simply compare that figure with today's debt stock and conclude that this government has borrowed massively," he said.
He explained that the depreciation of the naira significantly increased the naira value of Nigeria's foreign debt.
"Following the reforms and the depreciation of the naira, the foreign currency component of our public debt had to be revalued because Nigeria reports its debt in naira.
"That accounting adjustment alone added more than ₦40 trillion to the public debt figure," Oyedele said.
The minister also said the securitisation of Ways and Means advances approved by the National Assembly added about ₦33 trillion to the debt stock.
He said the amount "did not represent new borrowing but existing obligations that were formally recognised."
However, members of the Senate Committee expressed concern over what they described as poor implementation of the capital component of the 2026 budget.
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