The Federal Government says Nigeria’s debt profile has been exaggerated, insisting borrowings under President Bola Tinubu over the past three years are far below the N80 trillion widely circulated by commentators.
Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, made the clarification in his submissions on the state of the nation’s economy to the Senate Committee on Finance on Monday.
Responding to questions by Sen. Adamu Aliero (Kebbi Central) on the N80 trillion debt allegedly incurred by the present administration, in addition to N75 trillion inherited, Oyedele said the Tinubu-led government did not borrow money near the quoted figure.
The entire debt profile, according to him, is exaggerated through multiple reporting by the media and accounting misadjustment by those over-calculating it.
“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.
