Oyedele Defends Tinubu's Administration Against Debt Claims

During a four-hour interactive session with the Senate Committee on Finance, Taiwo Oyedele, the Minister of Finance, defended President Bola Tinubu's administration against claims that it has borrowed up to N80 trillion. Oyedele stated that the actual borrowing is far less, attributing the rise in Nigeria's public debt to the depreciation of the naira and legacy liabilities inherited from previous administrations.

He explained that the N40 trillion increase in Nigeria's debt stock is mainly due to the revaluation of existing foreign debt rather than new loans. Oyedele revealed that the federal government generated N21.6 trillion in tax revenue from January to June 2026, representing a 49% increase compared to the same period last year.

He also noted that government expenditures exceed available revenue, necessitating borrowing to meet statutory obligations. Oyedele painted an optimistic picture of Nigeria's economic outlook, citing reforms that have improved macroeconomic fundamentals and investor confidence.