Amid heavy criticism over the alleged borrowing spree under President Bola Ahmed Tinubu’s administration, the Federal Government has dismissed as misleading claims that it borrowed ₦120 trillion in just three years, despite gains from fuel subsidy removal.
Dada Olusegun, a presidential spokesperson on social media, described the figures as the product of “opposition propaganda machines”, referring to leading opposition figures, Atiku Abubakar of the African Democratic Congress, ADC, and Peter Obi of the Nigeria Democratic Congress, NDC.
He clarified that the claim that 16 past Nigerian leaders borrowed a combined ₦46 trillion over 63 years, while Tinubu borrowed ₦120 trillion in three years, does not reflect the full picture.
“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.”
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Insecurity: Defence minister proposes technology-driven tollgates on major highwaysProviding context, Olusegun said the ₦46 trillion figure from late 2022 concealed ₦22.7 trillion in Central Bank ‘Ways and Means’ overdrafts, which were not officially reflected in the books until May 2023.
He added that 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 exact same dollar debt instantly looked ₦13.4 trillion larger on paper overnight without a single new dollar being borrowed.”
DAILY POST reports that the Debt Management Office, DMO, said the country’s total debt stock stood at ₦166.79 trillion as of the end of June, including external and domestic debts.
Recall that Atiku and Peter Obi have been at the forefront of criticism of the Tinubu administration’s borrowing appetite.
Atiku had recently urged the National Assembly to halt approval of Tinubu’s borrowing request.
Peter Obi also urged Tinubu to account for the savings from fuel subsidy removal.
DAILY POST reports that campaigns have intensified ahead of the 2027 presidential election.
Tinubu, during his visits to Rivers and Akwa Ibom States, questioned opposition parties’ criticism of his government, particularly regarding hunger.
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