Tinubu’s Three-Year Debt Spike Is Math, Not New Borrowing — Presidency Faults Obi
The Presidency has dismissed claims by Peter Obi, the 2027 presidential candidate of the Nigeria
Democratic Congress (NDC), that the Tinubu administration has accumulated over N100 trillion in new
debt within three years, describing the increase in Nigeria’s debt profile as largely a mathematical effect
of naira devaluation rather than fresh borrowing.
The response was issued on Tuesday, June 9, 2026, by Dada Olusegun, Special Assistant to the President on Social Media.
In a detailed rebuttal, Olusegun stated: “For the umpteenth time, Nigeria’s obvious debt portfolio increase over the past three years under the administration of President Tinubu is not a function of new borrowings; rather, the vast majority of them are mathematical impacts of currency devaluation which you [Peter Obi] also promised to implement during your campaigns.”
He explained that when foreign debts are converted into naira terms, fluctuations in the exchange rate significantly inflate the apparent debt figure, even without taking on new loans.
The Presidency maintained that debt servicing and management remain within sustainable parameters,
supported by improved revenue generation and fiscal discipline.
Peter Obi had, in recent statements, criticised the Tinubu administration’s borrowing pattern. He
claimed Nigeria’s total public debt had risen to approximately N200 trillion, representing an increase of
over N100 trillion in just three years.
He contrasted this with the roughly N49 trillion accumulated during the eight-year administration of former President Muhammadu Buhari.
Obi described the situation as imprudent governance and warned of the risks of debt servicing crowding
out capital expenditure and essential public services.
According to data from the Debt Management Office (DMO) and the Budget Office, Nigeria’s total public
debt has indeed risen significantly in naira terms since May 2023, driven primarily by the sharp
devaluation of the naira following the unification of exchange rates, inherited debt obligations and new
borrowings for critical infrastructure and budget support.
The Presidency has repeatedly argued that while the naira-denominated debt stock appears high, the
dollar-equivalent value has remained relatively stable, and strategic borrowing is necessary for
development.
This latest exchange between the Presidency and Peter Obi highlights the ongoing political debate on
Nigeria’s fiscal management.
It reflects broader concerns about debt sustainability, exchange rate volatility, and the economic impact
of reforms under the current administration as the country heads toward the 2027 general elections.
The Presidency maintains that the debt increase is not reckless borrowing but a reflection of
macroeconomic adjustments, while critics like Obi continue to call for greater accountability and prudent fiscal policy.
By Oyinkansola Shittu.
