The Presidency has rejected claims that President Bola Tinubu accumulated ₦120 trillion in loans within three years while scrapping the petrol subsidy, describing the figures as misleading.
Special Assistant to the President on Social Media, Dada Olusegun, faulted the comparison in a statement shared on X on Sunday, attributing it to what he called “Opposition’s propaganda machines.”
The controversy followed the circulation of a social media graphic alleging that 16 Nigerian leaders borrowed a combined ₦46 trillion over 63 years, compared with the ₦120 trillion attributed to Tinubu within three years.
However, Olusegun argued that the comparison overlooked significant financial obligations and changes in the exchange rate.
“Opposition’s propaganda machines claim that in 63 years, 16 past Nigerian leaders borrowed ₦46 trillion combined, while President Tinubu borrowed ₦120 trillion in just 3 years and still removed the fuel subsidy.
But in reality, the ₦46 trillion figure from late 2022 hid ₦22.7 trillion in Central Bank ‘Ways and Means’ overdrafts that weren’t officially put on the books until May 2023,” Olusegun stated.
He explained that previous debt calculations used an exchange rate of ₦448 to the dollar to convert foreign loans, despite the street rate exceeding ₦700 at the time.
According to him, the unification of the exchange rate in June 2023 increased the naira value of existing foreign debt by ₦13.4 trillion without the government obtaining additional dollar-denominated loans.
Olusegun maintained that Nigeria’s public debt increased from $113.4 billion in June 2023 to $120.9 billion by June 2026, representing an additional $7.5 billion in dollar terms.
Defending the removal of the petrol subsidy, he said the policy had significantly increased monthly allocations from the Federation Account Allocation Committee (FAAC) to state and local governments.
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He put the allocations at ₦656 billion in April 2023, compared with ₦2.4 trillion in September 2026.
Fact-checkers have also questioned the viral graphic, explaining that the ₦46 trillion represented Nigeria’s outstanding debt as of December 2022, rather than the cumulative amount borrowed by 16 administrations over 63 years.
They also identified the exclusion of exchange-rate adjustments and previously unrecorded financial obligations as major flaws in the comparison.
Figures from the Debt Management Office showed that Nigeria’s public debt stood at approximately ₦87.38 trillion, equivalent to $113.4 billion, in June 2023, shortly after Tinubu assumed office.
By June 2026, the figure had climbed to about ₦166.79 trillion, or $120.93 billion.
The naira-denominated increase was largely attributed to the currency float introduced in 2023 and the securitisation of Ways and Means advances inherited from the previous administration.
Meanwhile, the Presidency’s defence comes amid renewed borrowing plans by the Tinubu administration.
The President recently asked the Senate to approve a $7.7 billion external borrowing proposal to help finance the 2026 budget deficit.
The request, equivalent to approximately ₦10.79 trillion at the budget exchange rate of ₦1,400 to the dollar, was communicated through a letter read by Senate President Godswill Akpabio during Wednesday’s plenary.
The latest proposal replaces an earlier borrowing request seeking approval for $20.52 billion and €1.045 billion, which Tinubu had submitted to both chambers of the National Assembly a week earlier.
The proposed borrowing has attracted criticism from opposition parties, including the Nigeria Democratic Congress, which raised concerns about Nigeria’s growing debt profile and the financial burden it could place on future generations.