Tinubu Administration's Debt Not Near N80 Trillion, Says Oyedele

During a four-hour interactive session with the Senate Committee on Finance, Finance Minister Mr. Taiwo Oyedele clarified that the current administration under President Bola Tinubu has not borrowed up to N80 trillion, countering public perceptions. He explained that the increase in Nigeria's public debt is largely due to the depreciation of the naira affecting existing foreign debt and refinancing of maturities rather than new loans.

Oyedele disclosed that the federal government generated N21.6 trillion in tax revenue from January to June 2026, marking a 49% increase compared to the same period last year. He emphasized that the administration's borrowing is not reflective of new debt but rather a refinancing of previous obligations.

Oyedele also noted that Nigeria's GDP grew by 3.8% in the first quarter of 2026, compared to 3.13% in the same period of 2025, indicating improvements in the economy, driven by ongoing tax reforms and increased compliance.