The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told the Senate that Nigeria’s N152 trillion debt primarily consists of past liabilities inherited by the current administration and adjustments due to exchange rate changes.
Edun shared this during the 2026 budget defence session before the Senate Committee on Finance on Thursday, the 26th of February, 2026.
He clarified that out of the total N152 trillion debt, only around N20 trillion was borrowed by the current administration since 2023.
“Nigeria’s current debt profile of about N152 trillion is largely inherited,” Edun said.
“Only about N20 trillion is new borrowing accumulated since 2023. The rest is made up of previous obligations and exchange rate movements.”
Edun highlighted that fluctuations in the exchange rate increased the naira value of foreign loans, which added to the total debt burden.
The finance minister also assured the lawmakers that the proposed N58.472 trillion 2026 budget aims to fund projects that will drive economic growth and boost revenue.
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“The 2026 budget prioritises growth-enhancing projects,” he stated.
He emphasized that the administration will manage national debt carefully while pursuing policies to strengthen and expand the economy.
Senators on the Committee on Finance expressed concern that many Nigerians have not yet seen tangible benefits from the government’s economic reforms.
Committee chairman Senator Sani Musa encouraged the economic team to collaborate closely with the National Assembly to improve budget implementation and ensure public spending produces visible results for citizens.