File photo: Finance Minister, Taiwo Oyedele
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Monday defended the Federal Government’s borrowing under President Bola Tinubu, saying the administration had adopted a responsible borrowing strategy focused on infrastructure development and debt sustainability.
According to Vanguard, the Minister of Finance and Coordinating Minister of the Economy, Oyedele, stated this while appearing before the Senate Committee on Finance chaired by Senator Sani Musa in Abuja.
Responding to concerns raised by Senator Adamu Aliero over reports that the current administration borrowed about ₦80 trillion in addition to the ₦75 trillion it inherited, the minister said much of the increase in Nigeria’s debt stock resulted from the revaluation of foreign loans and the securitisation of Ways and Means advances.
He said, “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.
