The Federal Government has said Nigeria’s N152 trillion public debt is mainly the result of improved fiscal transparency and foreign exchange revaluation, not a spike in new borrowing.
The explanation was given by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the launch of the Nigerian Economic Summit Group (NESG) 2026 Macroeconomic Outlook Report in Lagos.
In a statement issued Thursday by his Special Adviser on Communications, Media and Publicity, Dr. Ogho Okiti, the minister said the debt figure reflects corrections to long-standing fiscal reporting gaps.
According to the statement, about N30 trillion of the total debt represents previously unrecognised Ways and Means advances, now formally recorded following reforms to strengthen transparency and accountability.
“These obligations accumulated over several years and have now been properly captured in government records,” the ministry said.
It added that nearly N49 trillion of the increase arose from the revaluation of Nigeria’s foreign debt after recent exchange rate reforms, stressing that the adjustment was due to naira depreciation rather than new external borrowing.
Edun said the revised figures should not be interpreted as reckless borrowing but as a necessary correction to ensure accurate fiscal data for economic planning and investor confidence.
He reiterated the administration’s commitment to responsible debt management, fiscal discipline, and sustainable economic growth.
The minister also disclosed that Nigeria achieved an 84 per cent execution rate of its 2024 capital budget. He explained that the extension of the budget implementation period to March 2026 was to allow for the completion of ongoing projects, particularly critical infrastructure, amid funding constraints.
Data from the Debt Management Office (DMO) show that Nigeria’s total public debt rose to N152.40 trillion as of June 30, 2025, from N149.39 trillion at the end of March 2025.
Ways and Means advances are short-term Central Bank of Nigeria loans to the Federal Government and have remained a subject of fiscal controversy.
The Tinubu administration says enhanced transparency and macroeconomic reforms are key to restoring confidence and driving long-term growth.
