• Says FG generated N21.6tn tax revenue in six months as economy rebounds, reserves hit 17-year high
• Senators raise concerns over rising debt, poor budget implementation despite higher revenues
Sunday Aborisade in Abuja
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, on Monday mounted a robust defence of the Tinubu administration’s borrowing record, insisting that contrary to widespread public perception, the Federal Government had not borrowed anywhere near the N75 trillion to N80 trillion being attributed to the present administration.
Instead, he explained that the sharp increase in Nigeria’s public debt was largely the result of the naira’s exchange rate adjustment, the securitisation of inherited Ways and Means advances, and refinancing of maturing obligations rather than fresh borrowing.
