Nigeria Finance Minister Refutes ₦80 trillion Debt Claims, Cites Naira Depreciation

Finance Minister Taiwo Oyedele told a Senate Committee that Nigeria’s public‑debt figures have been inflated. He said the debt stood at about ₦75 trillion when President Bola Tinubu took office and that the perceived jump to ₦80 trillion stems largely from accounting adjustments: a revaluation of the foreign‑currency component after the naira’s depreciation added more than ₦40 trillion, and the securitisation of Ways‑and‑Means advances added about ₦33 trillion. Oyedele stressed these were not new borrowings but the formal recording of existing obligations, and that domestic borrowing has largely been refinancing.

Separately, the Debt Management Office opened a July 2026 bond auction offering ₦1.2 trillion across three re‑opened FGN bonds. Investor demand was strong, with total subscriptions reaching ₦1.74 trillion, a bid‑to‑cover ratio of roughly 1.16 ×, and the bonds allotted at marginal rates around 18.34‑18.40 %. The auction’s oversubscription signals continued confidence in Nigeria’s government‑backed debt despite the debate over debt numbers.

The explanations and auction results together shape market perception of Nigeria’s fiscal health as the government seeks to fund budget deficits and infrastructure projects while managing the impact of currency depreciation on its debt profile.