Dada Olusegun, Special Assistant to the President on Social Media, addressed the controversy in a statement on Sunday, arguing that the comparison between the borrowing records of previous administrations and the current government failed to account for major changes in exchange rates, the treatment of inherited liabilities and adjustments to the country’s financial system.
The controversy followed the circulation of a graphic claiming that 16 Nigerian leaders borrowed a combined ₦46 trillion over 63 years, while the Tinubu administration accumulated ₦120 trillion in just three years.
However, Olusegun argued that the ₦46 trillion figure attributed to Nigeria’s public debt as of late 2022 did not include ₦22.7 trillion in Central Bank of Nigeria (CBN) Ways and Means advances.
According to him, the overdrafts were not formally incorporated into the country’s public debt records until May 2023, meaning that the figures used in the social media comparison did not present a complete picture of the liabilities inherited by the current administration.
He also challenged the exchange-rate method used in calculating the naira value of Nigeria’s external debt under previous administrations.
Olusegun explained that earlier debt valuations relied on an official exchange rate of approximately ₦448 to the dollar, which he said understated the actual naira value of the country’s foreign obligations.
He maintained that the unification of the foreign exchange market in June 2023 significantly changed the naira valuation of existing dollar-denominated debts, even though no additional foreign borrowing had taken place.
“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,” he stated.
Citing figures from the Debt Management Office (DMO), the presidential aide said Nigeria’s public debt stood at $113.4 billion, equivalent to approximately ₦87.38 trillion, in June 2023.
By June 2026, the debt had risen to $120.93 billion, valued at approximately ₦166.79 trillion.
Olusegun argued that the figures represented a net increase of about $7.5 billion in dollar terms, insisting that the much larger increase in the naira valuation was substantially influenced by exchange-rate adjustments and the recognition of previously unrecorded liabilities.
The Presidency also defended the administration’s fiscal policies, particularly the removal of petrol subsidy, arguing that the decision had increased the revenue available for distribution to federal, state and local governments.
Olusegun pointed to the rise in monthly allocations from the Federation Account Allocation Committee (FAAC), which reportedly increased from ₦656 billion in April 2023 to ₦2.4 trillion by September 2026.
He said the higher allocations had strengthened the financial capacity of state and local governments to meet their obligations and fund development projects.
The Presidency’s response comes amid growing criticism of the Federal Government’s borrowing plans and concerns over the country’s rising debt burden.
Opposition parties, including the Nigeria Democratic Congress (NDC), have questioned the administration’s fiscal direction, particularly following Tinubu’s request for Senate approval of a $7.7 billion external borrowing plan to finance the 2026 budget deficit.
The latest request replaced an earlier borrowing proposal of $20.52 billion and €1.045 billion.
The controversy has once again brought public debt, government borrowing and fiscal accountability to the centre of Nigeria’s political debate, with growing calls for the Federal Government to provide clear information on how borrowed funds are being utilised and the benefits they deliver to citizens.
While the Presidency maintains that the viral ₦120 trillion figure is misleading, the debate highlights the importance of distinguishing between the actual increase in foreign-currency debt and changes in its naira valuation arising from exchange-rate movements.
