{
  "id": 18928332,
  "title": "Presidency dismisses claims Tinubu borrowed ₦120 trillion in three years",
  "url": "https://urgent.news/2026/11/08/presidency-dismisses-claims-tinubu-borrowed-120-trillion-in-three",
  "topic": "world",
  "section": "World",
  "published": "2026-11-08T12:10:51.000Z",
  "source": {
    "name": "Punch",
    "slug": "punch",
    "url": "https://punchng.com/presidency-dismisses-claims-tinubu-borrowed-%e2%82%a6120-trillion-in-three-years/"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "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/",
  "key_points": [
    "Presidency dismisses claims of ₦120 trillion borrowed by Tinubu",
    "₦46 trillion borrowed by 16 past leaders over 63 years",
    "Actual debt increase $7.5 billion from June 2023 to June 2026"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}