Presidency rejects claim that Tinubu borrowed ₦120 trillion in three years

The Presidency has rejected viral social media claims that President Bola Tinubu's government has added ₦120 trillion to Nigeria's debt in its first three years.
What the Presidency said
In a statement on Sunday, 8 November 2026, the President's special assistant on social media, Dada Olusegun, described the figures as a distorted picture of the country's public finances. The claim came from a widely shared graphic saying that 16 previous Nigerian leaders borrowed a total of ₦46 trillion over 63 years, compared with ₦120 trillion under Tinubu.
The Presidency's argument
Olusegun said the ₦46 trillion figure, from late 2022, left out ₦22.7 trillion in Central Bank of Nigeria 'Ways and Means' overdrafts to the previous government, which were only formally added to the official public debt in May 2023. He also said earlier valuations of foreign debt used an official exchange rate of about ₦448 to the dollar, which understated the true naira value of those debts; when the exchange rate was unified, the naira value of existing foreign debt rose sharply even without new borrowing.
Background
The rebuttal came after NDC candidate Peter Obi challenged Tinubu to account for subsidy savings and more than $100 billion he said the government had borrowed. The World Bank reported last week that Nigeria's total external debt, including private debt, rose to about $145 billion in 2025. Tinubu is also seeking Senate approval for about $7.7 billion in new external loans, which opposition figures have urged lawmakers to reject.
Why it matters
Debt and the cost of living are expected to be major issues in the 16 January 2027 presidential election.
- The Presidency calls the ₦120 trillion claim distorted.
- It cites ₦22.7 trillion in old CBN overdrafts.
- It says exchange rate unification raised the naira value of old debt.


