The Presidency has dismissed claims that President Bola Tinubu borrowed ₦120 trillion within three years of assuming office, describing the figures as misleading and a distortion of Nigeria’s public debt records.

Special Assistant to the President on Social Media, Dada Olusegun, said the comparison between borrowing under previous administrations and the Tinubu government failed to account for outstanding Central Bank overdrafts and changes in the exchange rate.

Olusegun made the clarification in a statement posted on X on Sunday, accusing opposition groups of using misleading figures to portray the administration as excessively dependent on borrowing despite removing the petrol subsidy.

He disputed claims that 16 Nigerian leaders borrowed a combined ₦46 trillion over 63 years, while Tinubu accumulated ₦120 trillion in just three years.

According to him, the ₦46 trillion figure recorded at the end of 2022 excluded ₦22.7 trillion in Central Bank of Nigeria (CBN) Ways and Means advances, which were formally recognised in the public debt records in May 2023.

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