?The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has debunked claims that President Bola Tinubu’s administration borrowed N80 trillion, attributing the sharp rise in Nigeria’s public debt stock to currency depreciation, accounting adjustments, and inherited liabilities.

?Speaking during an economic review session with the Senate Committee on Finance, Oyedele explained that the public debt stock—which stood at around N75 trillion when the administration took office increased primarily due to the revaluation of foreign currency obligations following naira devaluation, rather than fresh borrowing.

Over N40 trillion was added to the reported figure from exchange rate adjustments alone, while another N33 trillion resulted from the formal securitisation of the previous administration’s Central Bank "Ways and Means" advances.

?Oyedele further noted that public confusion often arises because legislative borrowing approvals are frequently misreported as money already drawn and spent.

?The Senate, however, expressed strong reservations over slow budget execution despite rising federal revenues. Senator Tahir Monguno criticized the poor rollout of capital projects and the rolling over of the 2025 capital budget into 2026, warning that failing to implement an Appropriation Act constitutes a breach of the law.

Monguno also queried FAAC revenue retentions, to which Oyedele responded that monthly distributions under the current administration have consistently exceeded N2 trillion.

?Addressing broader fiscal concerns, Senate Finance Committee Chairman Mohammed Sani Musa called for stronger coordination between fiscal and monetary policies, emphasizing that economic reforms must ultimately translate into improved living standards for Nigerians. Musa also advocated for a revised budget framework and a streamlined payment system to eliminate bureaucratic delays in project execution.