Taiwo Oyedele, the Minister of Finance, defended President Bola Tinubu's administration against claims of excessive borrowing, stating that the public debt increase is primarily due to foreign exchange adjustments and legacy liabilities, not new loans. He emphasized improvements
Nigeria's Finance Minister, Taiwo Oyedele, clarified that the nation's debt increase is primarily due to the depreciation of the naira rather than new borrowing. He addressed the Senate, explaining that the current debt figures include refinanced existing obligations.
The Nigerian government, represented by Finance Minister Wale Edun, clarified that the reported increase in public debt to N80 trillion is primarily due to exchange rate adjustments and the recognition of existing obligations rather than new borrowing.
