Tinubu did not borrow N120tn in 3 years – Presidency slams Atiku, Obi

Amid heavy criticism over the alleged borrowing spree under President Bola Ahmed Tinubu’s administration, the Federal Government has dismissed as misleading claims that it borrowed N120 trillion in just three years, despite gains from fuel subsidy removal.

Dada Olusegun, a presidential spokesperson on social media, described the figures as the product of “opposition propaganda machines”, referring to leading opposition figures, Atiku Abubakar of the African Democratic Congress, ADC, and Peter Obi of the Nigeria Democratic Congress, NDC.

He clarified that the claim that 16 past Nigerian leaders borrowed a combined N46 trillion over 63 years, while Tinubu borrowed N120 trillion in three years, does not reflect the full picture.

“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.”

Providing context, Olusegun said the N46 trillion figure from late 2022 concealed N22.7 trillion in Central Bank ‘Ways and Means’ overdrafts, which were not officially reflected in the books until May 2023.

He added that earlier calculations converted foreign debt using an artificial exchange rate of N448 to $1, when the street value was over ₦700.

“When the exchange rate was unified in June 2023, the exact same dollar debt instantly looked N13.4 trillion larger on paper overnight without a single new dollar being borrowed.”