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The Presidency has rejected claims by former Anambra State governor and 2027 presidential candidate, Peter Obi, that President Bola Tinubu’s administration accumulated more than ₦100 trillion in fresh debt within three years.
Responding on Tuesday, Special Assistant to the President on Social Media, Dada Olusegun, argued that the increase in Nigeria’s debt profile is largely the result of naira devaluation rather than new borrowing.
“For the umpteenth time, Nigeria’s obvious debt portfolio increase over the past three years under the administration of President Tinubu is not a function of new borrowings. Rather, the vast majority of it is the mathematical impact of currency devaluation, which you also promised to implement during your campaigns,” Olusegun said.
He explained that the administration also inherited about ₦20 trillion in Ways and Means debt, which was later securitised.
“In addition, this administration inherited a whopping Ways and Means debt of around ₦20 trillion, which was securitised to ensure swift repayment by the nation. This makes up a significant portion of the debts Mr Obi is claiming the administration has accumulated within three years,” he added.
Olusegun further noted that Nigeria’s public debt includes obligations owed by both the Federal Government and state governments, making it inaccurate to attribute the entire debt stock to the Tinubu administration.
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Questioning Obi’s interpretation of the figures, he said exchange rate movements significantly affect the naira value of external debt.
“If tomorrow President Tinubu decides to fix the naira against the dollar at ₦500/$ and the value of our debts in naira drops drastically, will Mr Peter Obi unequivocally agree that the President has repaid all of our debts?” he asked.
According to the presidential aide, Nigeria’s debt position has remained relatively stable in dollar terms.
“Lastly, Nigeria’s debt in dollar value has remained relatively stable, ranging from $108 billion in 2023 to $109 billion in 2026. This tells the true story of the country’s debt levels,” he said.
The response follows Obi’s criticism of the government’s borrowing record and his call for greater transparency in the management of public debt, a debate that continues to shape discussions around Nigeria’s economic reforms and fiscal sustainability.
