The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has defended the Tinubu administration’s borrowing record, stating that the Federal Government has not borrowed up to the N75 trillion to N80 trillion often cited in public discussions.
Speaking during an interactive session with the Senate Committee on Finance in Abuja, Oyedele explained that much of the increase in Nigeria’s debt stock resulted from the depreciation of the naira, the securitisation of inherited Ways and Means advances, and the refinancing of existing obligations rather than fresh borrowing.
According to him, more than N40 trillion of the increase came from the revaluation of foreign debts following exchange rate reforms, while about N33 trillion was linked to inherited liabilities from the previous administration.
The minister disclosed that Nigeria generated N21.6 trillion in tax revenue between January and June 2026, representing a 49 per cent increase compared to the same period last year. He attributed the growth to tax reforms, digitalisation and improved compliance.
Oyedele also noted that the nation’s external reserves have risen above 51 billion dollars, while the economy recorded a growth rate of 3.8 per cent in the first quarter of 2026.
Lawmakers, however, raised concerns over budget implementation, debt sustainability and the utilisation of import duty waivers, with the Senate Committee on Finance pledging continued oversight of government finances and fiscal reforms.
