We Didn’t Borrow N80tn – Nigeria Government Blames Naira Depreciation, Accounting Changes

The Federal Government has denied claims that President Bola Tinubu’s administration borrowed N80tn within three years, clarifying that the figure is misleading and largely reflects accounting changes, including naira depreciation and securitisation of Ways and Means advances.

Finance Minister Taiwo Oyedele told the Senate Committee on Finance that public debt was around N75tn when the administration came into office. He said the sharp fall in the naira’s value added more than N40tn to the debt figure due to revaluation of foreign currency debt.

Another N33tn was added after the National Assembly approved the securitisation of Ways and Means advances, which he stressed was not new borrowing but the formal recognition of existing obligations.

Key Points:

Public debt was around N75tn when the administration came into office.
Naira depreciation added more than N40tn to the debt figure through revaluation.
Another N33tn was added through securitisation of Ways and Means advances.
The government says this is not new borrowing but accounting adjustments.
The Senate Committee on Finance expressed concern over poor implementation of capital projects in the 2026 budget.

The Senate Committee’s further scrutiny of the 2026 budget implementation and whether the government provides more clarity on the debt stock.