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🇳🇬 Nigeria /Economy & Trade

Oyedele: Tinubu Hasn’t Borrowed Up to N80trn, Blames Debt Rise on FX, Legacy Liabilities

From ThisDay · () English

Summarized and contextualized by DistantNews.

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  • Nigeria's Finance Minister Taiwo Oyedele defended President Bola Tinubu's borrowing record, stating the nation has not borrowed up to 80 trillion naira.
  • Oyedele attributed the rise in debt to foreign exchange fluctuations and legacy liabilities, not new borrowing by the current administration.
  • He emphasized that the current government inherited significant financial challenges and is working to manage them effectively.

Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has strongly defended President Bola Tinubu's administration against claims of excessive borrowing. Oyedele asserted that the nation's debt has not reached the 80 trillion naira mark, as has been suggested.

Instead, the minister attributed the increase in national debt primarily to foreign exchange rate volatility and existing legacy liabilities inherited from previous administrations. He argued that the current government is not responsible for the bulk of the debt accumulation, but rather is tasked with managing the financial situation it inherited.

Tinubu has not borrowed up to N80trn.

— Taiwo OyedeleMinister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, defending President Bola Tinubu's borrowing record.

Oyedele's remarks aim to reassure the public and investors about the government's fiscal management. The defense comes amid concerns over Nigeria's rising debt profile and its potential impact on economic stability. The minister's focus on inherited burdens suggests a strategy to shift blame while highlighting the challenges the Tinubu administration faces in its economic reforms.

The debt rise is due to FX and legacy liabilities.

— Taiwo OyedeleMinister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, explaining the reasons for the increase in national debt.
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Originally published by ThisDay. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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