Presidency Rejects Obi’s N100tn Debt Claim, Blames Currency Devaluation

The Presidency has dismissed Peter Obi’s claim that President Tinubu’s administration borrowed over ₦100 trillion in three years. Special Assistant on Social Media Dada Olusegun says most of the increase reflects naira devaluation, not fresh loans. He noted that the current government inherited about ₦20 trillion in Ways and Means debt, which was later securitised. He also pointed out state government obligations and explained that exchange-rate swings inflated the naira value of existing foreign debt. Olusegun added that Nigeria’s debt in dollar terms has been stable around $108–109 billion and that external reserves rose from $3 billion in 2023 to about $40 billion in 2026. He challenged Obi to factor in these indicators before accusing the administration of imprudent borrowing.

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