Presidency dismisses claims Tinubu borrowed ₦120 trillion in three years

The Presidency has dismissed claims that President Bola Tinubu borrowed ₦120 trillion in just three years, describing the figures as the product of "Opposition’s propaganda machines." Special Assistant to the President on Social Media, Dada Olusegun, clarified that the claim of 16 past Nigerian leaders borrowing a combined ₦46 trillion over 63 years, while Tinubu borrowed ₦120 trillion in three years, does not reflect the full picture.

Olusegun highlighted that the ₦46 trillion figure from late 2022 included ₦22.7 trillion in Central Bank 'Ways and Means' overdrafts that were not officially put on the books until May 2023. He also pointed out that earlier calculations used an artificial exchange rate of ₦448 to $1, whereas the street value was over ₦700, causing the debt to appear ₦13.4 trillion larger on paper overnight without any new borrowing.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.