Finance Minister Denies 80 Trillion Naira Borrowing Claims

Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele dismissed claims that the administration of President Bola Ahmed Tinubu borrowed 80 trillion naira during its first three years. During a July 20, 2026, session with the Senate Committee on Finance, Oyedele explained that the increase from the 75 trillion naira inherited is primarily due to accounting adjustments. He attributed over 40 trillion naira of the rise to the revaluation of foreign-currency debt following naira depreciation and 33 trillion naira to the securitization of Ways and Means advances from the previous administration.

Oyedele asserted that the government has been responsible in its borrowing and that domestic loans have largely been used to refinance maturing debts. He characterized the securitization of advances as the formal recognition of existing obligations rather than fresh borrowing.

While senators noted a 49 percent increase in tax revenue, reaching 21.6 trillion naira in the first half of 2026, some legislators criticized the government's execution of the 2026 budget. Senate Chief Whip Tahir Monguno and Senator Adamu Aliero raised concerns over the slow implementation of capital components, with Monguno describing the failure to implement the Appropriation Act as an impeachable offense. Senate Committee Chairman Sani Musa responded that implementation would improve and noted that the government is considering a transition toward performance- and priority-based budgeting.