The Federal Government of Nigeria has declared that the Nation’s debt profile is exaggerated, as monies borrowed under President Bola Tinubu within the last three years are nowhere near the N80 trillion being bandied by public commentators.

Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele said  this in Abuja on Monday when he appeared before the Senate Committee on Finance.

Oyedele said that the President Tinubu-led administration has been very responsible in its borrowing, which is strictly for infrastructure and not for anything consumptive.

He also said that following the reforms and the depreciation of the naira, the foreign currency had to be revalued because Nigeria reports its debt in Naira.

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