The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, explained that Nigeria’s public debt increase since the Tinubu administration took office is mainly due to naira depreciation and accounting adjustments, not new borrowing.

He clarified that the government’s debt rise is linked to the depreciation of the naira, which inflated the value of external debts without new foreign borrowing.

Oyedele noted that exchange-rate revaluation added over ₦40 trillion to the debt stock, while inherited liabilities from the previous administration contributed another ₦33 trillion.He emphasized that refinancing maturing debt, not new borrowing, is part of the government’s strategy to sustain economic growth.Senators criticized the slow implementation of the 2026 budget, but the finance committee assured improvements.The minister stressed that debt is a tool for development, ensuring borrowed funds generate more value than their cost.The article highlights the complexities of Nigeria’s fiscal challenges and the government’s approach to managing public debt.