The Federal Government has dismissed claims that President Bola Tinubu's administration borrowed about ₦80 trillion within its first three years in office, describing the figure as misleading and largely the result of accounting adjustments rather than fresh loans.

Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, made the clarification on Tuesday while briefing the Senate Committee on Finance on the state of the nation's economy.

Responding to concerns raised by lawmakers over reports that the current administration had borrowed about ₦80 trillion in addition to the approximately ₦75 trillion debt it inherited, Oyedele said the figures being circulated by commentators and reported in parts of the media did not accurately reflect the government's actual borrowing.

He explained that Nigeria's public debt stood at about ₦75 trillion when President Tinubu assumed office. However, the depreciation of the naira following key economic reforms significantly increased the naira value of the country's external debt, resulting in a much higher debt stock when expressed in local currency.

"When this administration came into office, public debt was around ₦75 trillion. Many people simply compare that figure with today's debt stock and conclude that this government has borrowed massively," the minister said.

He noted that because Nigeria reports its public debt in naira, the foreign currency component of the debt had to be revalued after the exchange rate adjustment.

"That accounting adjustment alone added more than ₦40 trillion to the public debt figure," Oyedele stated.

The minister further explained that the securitisation of the Central Bank of Nigeria's Ways and Means advances, approved by the National Assembly, added another ₦33 trillion to the debt stock. He stressed that the amount was not a new loan but an existing liability that was formally recognised and converted into public debt.

Despite the government's explanation, members of the Senate Committee on Finance expressed concern over what they described as the poor implementation of the capital component of the 2026 budget, urging improved execution of capital projects to drive economic growth and infrastructure development.