The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said much of the increase in Nigeria’s public debt since the current administration assumed office resulted from exchange-rate depreciation and accounting adjustments rather than extensive new borrowing.
Mr Oyedele spoke on Monday while briefing the Senate Committee on Finance on the state of the economy, in response to concerns by lawmakers over the country’s rising debt profile.
His remarks followed questions from Senator Adamu Aliero (Kebbi Central), who referred to claims that the President Bola Tinubu administration had borrowed about ₦80 trillion in addition to the approximately ₦75 trillion public debt it inherited.
Responding, the minister cautioned against comparing the country’s debt stock at the beginning of the administration to the current figure without accounting for the impact of naira depreciation.
“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,” Mr Oyedele said.
