Dada Olusegun, Special Assistant to the President on Social Media, addressed the controversy in a statement on Sunday, arguing that comparisons between previous administrations and the Tinubu government failed to account for major economic adjustments, exchange rate unification and previously unrecognised financial liabilities.
The controversy followed the circulation of a graphic claiming that 16 previous Nigerian leaders collectively borrowed ₦46 trillion over 63 years, compared with ₦120 trillion under Tinubu.
However, Olusegun explained that the ₦46 trillion debt figure recorded in late 2022 excluded ₦22.7 trillion in Central Bank of Nigeria (CBN) Ways and Means advances, which were formally incorporated into the country’s public debt records in May 2023.
He also argued that previous assessments of Nigeria’s external debt relied on an undervalued official exchange rate of approximately ₦448 to the dollar, thereby understating the naira value of the country’s foreign obligations.
“When the exchange rate was unified in June 2023, the exact same dollar debt instantly looked ₦13.4 trillion larger on paper overnight without a single new dollar being borrowed,” Olusegun stated.
According to Debt Management Office (DMO) figures cited by the Presidency, Nigeria’s public debt increased from $113.4 billion, equivalent to approximately ₦87.38 trillion, in June 2023 to $120.93 billion, or about ₦166.79 trillion, by June 2026.
The presidential aide maintained that the increase represented a net rise of approximately $7.5 billion in dollar-denominated debt, arguing that the much larger increase in its naira value was largely attributable to exchange rate adjustments and inherited Central Bank liabilities.
Defending the administration’s economic policies, Olusegun also highlighted the removal of the petrol subsidy, arguing that the policy had significantly increased allocations to state and local governments through the Federation Account Allocation Committee (FAAC).
He noted that monthly FAAC distributions rose from ₦656 billion in April 2023 to approximately ₦2.4 trillion by September 2026.
The Presidency’s defence comes amid renewed criticism of the Federal Government’s borrowing plans by opposition parties, including the Nigeria Democratic Congress.
The criticism followed President Tinubu’s recent request for Senate approval of a $7.7 billion external borrowing plan to finance the 2026 budget deficit. The latest proposal replaced an earlier request seeking approval for $20.52 billion and €1.045 billion in external loans.
