Nigeria's N152 Trillion Debt Largely Inherited, Says Edun

During a Senate committee session focused on the 2026 budget defense, Wale Edun, the Finance Minister of Nigeria, stated that the country's total debt has reached N152 trillion, primarily inherited from past administrations. He noted that the current administration has borrowed N20 trillion since taking office in 2023, with the remaining debt being previous obligations exacerbated by exchange rate fluctuations.

Edun highlighted that the depreciation of the naira against foreign currencies has contributed to the current debt size. He assured lawmakers that the proposed N58.472 trillion budget for 2026 is designed to focus on projects that will stimulate economic growth and improve revenue generation.

Edun emphasized the administration's commitment to managing the nation's debt prudently and pursuing policies aimed at strengthening and expanding the economy. Sani Musa, the committee chairman, urged the economic team to collaborate closely with the National Assembly to enhance budget implementation and ensure that public spending delivers tangible benefits to citizens.