The Presidency has dismissed reports claiming that President Bola Tinubu borrowed ₦120 trillion within three years of assuming office, describing the figures circulating on social media as misleading and inaccurate.
Special Assistant to the President on Social Media, Dada Olusegun, addressed the controversy in a statement shared on his 𝕏 account on Sunday, November 8.
Olusegun accused opposition groups of manipulating debt figures to discredit the Tinubu administration, arguing that the claims failed to consider inherited government liabilities and changes in the foreign exchange rate.
A viral graphic circulating online had alleged that 16 Nigerian leaders borrowed a combined ₦46 trillion over 63 years, while Tinubu accumulated ₦120 trillion in loans within just three years, despite removing the petrol subsidy.
However, Olusegun explained that Nigeria’s public debt stood at approximately ₦46 trillion at the end of 2022, excluding ₦22.7 trillion in Central Bank of Nigeria (CBN) Ways and Means advances, which were formally recognised by the government in May 2023.
He also argued that previous debt calculations relied on an exchange rate of ₦448 to the dollar, even though the parallel market rate had exceeded ₦700 at the time.
According to him, the unification of the foreign exchange market in June 2023 increased the naira value of Nigeria’s existing dollar-denominated debt by ₦13.4 trillion on paper, without the government obtaining additional foreign loans.
Providing further clarification, the presidential aide said Nigeria’s public debt increased from $113.4 billion in June 2023 to $120.9 billion in June 2026, representing an increase of $7.5 billion.
Defending the removal of the petrol subsidy, Olusegun maintained that the policy had significantly improved revenue available for distribution among the three tiers of government.
He disclosed that monthly allocations from the Federation Account Allocation Committee (FAAC) increased from ₦656 billion in April 2023 to ₦2.4 trillion by September 2026.
Meanwhile, figures released by the Debt Management Office (DMO) showed that Nigeria’s public debt rose from approximately ₦87.38 trillion in June 2023 to ₦166.79 trillion by June 2026.
The increase in the naira value of the debt has been partly attributed to exchange rate adjustments and the securitisation of inherited CBN Ways and Means advances.
The Presidency’s explanation comes amid renewed debate over the Tinubu administration’s borrowing plans following the President’s request for Senate approval of a $7.7 billion external loan to partly finance the 2026 budget deficit.
Senate President Godswill Akpabio presented the request during Wednesday’s plenary session. The proposed facility is equivalent to approximately ₦10.79 trillion, using the budget exchange rate of ₦1,400 to the dollar.
The latest borrowing proposal reportedly replaces an earlier request for $20.52 billion and €1.045 billion, which Tinubu submitted to the National Assembly a week earlier.
Opposition parties, including the Nigeria Democratic Congress (NDC), have criticised the Federal Government’s borrowing plans, warning that the country’s growing debt burden could create serious economic challenges for future generations.
