Federal Government says the nation’s debt profile is exaggerated as monies borrowed under President Bola Tinubu within the last three years are not close to the N80 trillion being insinuated by public commentators.
The Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele stated this while answering questions on the state of the nation’s economy during a meeting with the Senate Committee on Finance in Abuja.
While responding to questions asked by Senator Adamu Aliero representing Kebbi Central on alleged N80 trillion debt profile incurred by the present administration in addition to N75 trillion inherited, the Finance Minister said that President Bola Tinubu led government did not borrow money near quoted the figure.
According to Oyedele, the entire debt profile is exaggerated through multiple reporting by media and accounting misadjustment by those over calculating it.
“When this administration came into office, public debt was around N75 trillion. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively”, he said.
Oyedele explained that, following the reforms and the depreciation of the naira, the foreign currency component of the public debt had to be revalued because Nigeria reports its debt in naira and pointed out that the accounting adjustment alone added more than N40 trillion to the public debt figure.
The Chairman of the committee, Senator Sani Musa representing Niger East however bailed the Minister out by assuring his colleagues that implementation of the capital components of the 2026 budget would soon be felt by all and sundry.
Senator Sani Musa after a closed door session of the committee with the Minister and other members of the economic team, said they wil collaborate to make the budget management flow with revenue inflow.
Performance and priority based budgeting system is being looked into, to replace the envelope system and reverting back to old system of payments for contractors.
RN
