Presidency: Tinubu’s Debt Surge Reflects Naira Devaluation, Not Fresh Borrowing

The Presidency has rejected claims that the Tinubu administration added over ₦100 trillion in new debt in three years. A presidential aide says most of the increase stems from naira devaluation. The Special Assistant on Social Media noted that about ₦20 trillion in Ways and Means debt was inherited and later securitised. He argued that exchange-rate swings have inflated Nigeria’s debt in naira terms. In dollar terms, public debt has remained stable at roughly $108 billion to $109 billion. Meanwhile, net external reserves rose from around $3 billion in 2023 to about $40 billion in 2026. The response follows Peter Obi’s criticism that total public debt jumped from ₦49 trillion under the previous administration to nearly ₦200 trillion today.

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