Tinubu did not borrow ₦120 trillion in three years, Presidency tells Atiku and Obi

Presidential spokesperson Dada Olusegun rejected as misleading the claim that Bola Tinubu borrowed ₦120 trillion in three years, calling it opposition propaganda associated with Atiku Abubakar and Peter Obi. He said the ₦46 trillion figure attributed to borrowing by 16 leaders over 63 years excluded ₦22.7 trillion in Central Bank overdrafts and used an exchange rate of ₦448 to the dollar. Olusegun added that the June 2023 exchange-rate unification increased the recorded naira value of foreign debt by ₦13.4 trillion without any new borrowing. The Debt Management Office put Nigeria’s total debt at ₦166.79 trillion at the end of June; Atiku has urged lawmakers to reject Tinubu’s borrowing request, while Obi has called for an account of savings from fuel subsidy removal.