Presidency Rejects Claims of Tinubu Borrowing ₦120tn in Three Years
The Nigerian Presidency has dismissed claims that President Bola Tinubu's administration borrowed ₦120 trillion in just three years, stating that the figures provided were misleading and did not account for exchange rate fluctuations and inherited Ways and Means advances.
Debt Burden and Exchange Rate Impact
Special Assistant to the President on Social Media, Dada Olusegun, explained that the public debt records show that Nigeria's public debt stood at ₦87 trillion as of June 2026, which is equivalent to $113.4 billion.
Opposition Parties Criticize Borrowing Practices
Opposition parties, including the Nigeria Democratic Congress (NDC), have criticized the latest borrowing request, expressing concerns about the country's growing debt obligations and the financial strain on future generations.
President Tinubu's Borrowing Request
The President Tinubu's administration recently requested Senate approval for a $7.7 billion external borrowing and €1.045 billion external borrowing, according to Senate President Godswill Akpabio, who read out the request during a Senate plenary session.
Presidency's Defense of Borrowing Practices
The Presidency defended its borrowing practices, stating that the figures provided were misleading and did not account for exchange rate fluctuations and inherited Ways and Means advances.
Public Debt Records
- Public debt stood at ₦87 trillion as of June 2026, equivalent to $113.4 billion.
- The figures do not account for the ₦16.7 trillion in Ways and Means advances inherited from the previous administration.
The figures provided by the opposition were misleading and failed to take into account the impact of exchange rate fluctuations and the inherited Ways and Means advances, which amounted to ₦16.7 trillion.
Opposition Parties Criticize
The opposition parties, including the Nigeria Democratic Congress (NDC), criticized the administration's borrowing practices, expressing concerns about the country's growing debt burden and the strain on future generations.
President Tinubu's Borrowing Request
The President Tinubu's administration requested Senate approval for a $7.7 billion external borrowing and €1.045 billion external borrowing, according to Senate President Godswill Akpabio, who read out the request during a Senate plenary session.
Presidency's Defense of Borrowing Practices
The Presidency defended its borrowing practices, stating that the figures provided were misleading and failed to account for exchange rate fluctuations and the inherited Ways and Means advances of ₦16.7 trillion.
Public Debt Records
- Public debt stood at ₦87 trillion as of June 2026, equivalent to $113.4 billion.
- The figures did not account for the ₦16.7 trillion in Ways and Means advances inherited from the previous administration.
The opposition parties, including the Nigeria Democratic Congress (NDC), criticized the administration's borrowing practices, expressing concerns about the country's growing debt burden and the strain it would place on future generations.
President Tinubu's Borrowing Request
The President Tinubu's administration requested Senate approval for a $7.7 billion external borrowing and €1.045 billion external borrowing, according to Senate President Godswill Akpabio, who read out the request during a Senate plenary session.
Presidency's Defense of Borrowing Practices
The Presidency defended its borrowing practices, stating that the figures provided were misleading and failed to take into account exchange rate fluctuations and the inherited Ways and Means advances of ₦16.7 trillion from the previous administration.
Public Debt Records
- Public debt stood at ₦87 trillion as of June 2026, equivalent to $113.4 billion.
- The figures did not consider the ₦16.7 trillion in Ways and Means advances inherited from the previous administration.
The opposition
<small>Source: The Sun Nigeria — read the original story there.</small>
