Presidency Defends Nigeria's Debt Amid Obi's Criticism

The Nigerian Presidency, represented by Olusegun Dada, responded to comments made by Peter Obi concerning Nigeria's escalating debt, which Obi claimed had reached N200 trillion. Dada argued that the increase in Nigeria's debt profile is largely a result of currency devaluation rather than new borrowing.

He stated that the Bola Tinubu administration has not engaged in excessive borrowing but has inherited a debt of N20 trillion. Dada emphasized that the administration's focus is on stabilizing the naira against the dollar, which has led to a significant impact on the debt portfolio.

He noted that Nigeria's debt in dollar terms remains relatively stable, projected at $108 billion in 2023 and $109 billion in 2026. Dada challenged Obi's narrative, asserting that the administration's debt position is stable when measured in dollar terms and urged Obi to acknowledge the complexities of Nigeria's economic situation.