Presidency dismisses claims Tinubu borrowed ₦120 trillion in three years
The Presidency has dismissed as misleading claims that President Bola Tinubu borrowed ₦120 trillion in just three years while also removing the fuel subsidy. Read More: https://punchng.com/presidency-dismisses-claims-tinubu-borrowed-%e2%82%a6120-trillion-in-three-years/
The Presidency has dismissed claims that President Bola Tinubu borrowed ₦120 trillion over three years, stating that they are the result of opposition propaganda. The Special Assistant to the President on Social Media, Dada Olusegun, explained that the figure of ₦46 trillion borrowed by 16 past Nigerian leaders over 63 years does not accurately represent the total amount borrowed by those leaders.
Olusegun also pointed out that the ₦46 trillion figure included Central Bank "Ways and Means" overdrafts that were not officially recognized until May 2023. Additionally, the Presidency highlighted that earlier calculations used an artificial exchange rate of ₦448 to $1, making the debt appear larger than it actually was. The actual increase in Nigeria's public debt from June 2023 to June 2026 was only $7.5 billion, from $113.4 billion to $120.9 billion.
The removal of the fuel subsidy, which boosted monthly Federation Account Allocation Committee funds, had a positive impact on the country's finances.
Written by urgent.news from Punch's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
