The Federal Government has dismissed claims that President Bola Ahmed Tinubu borrowed ₦120 trillion in just three years, calling the figures “misleading” and the product of opposition propaganda. Presidential spokesperson Dada Olusegun said the allegations were part of a campaign by opposition figures Atiku Abubakar of the African Democratic Congress and Peter Obi of the Nigeria Democratic Congress.
Olusegun clarified that the claim that 16 former Nigerian leaders borrowed a combined ₦46 trillion over 63 years, while Tinubu borrowed ₦120 trillion in three years, does not reflect the full picture. He noted that the ₦46 trillion figure from late 2022 concealed ₦22.7 trillion in Central Bank “Ways and Means” overdrafts that were not officially reflected in the books until May 2023.
“Opposition’s propaganda machines claim that in 63 years, 16 past Nigerian leaders borrowed ₦46 trillion combined, while President Tinubu borrowed ₦120 trillion in just 3 years and still removed the fuel subsidy.”
Earlier calculations converted foreign debt using an artificial exchange rate of ₦448 to $1, when the street value was over ₦700. When the exchange rate was unified in June 2023, the same dollar debt
<small>Source: Daily Post Nigeria — read the original story there.</small>
