Tinubu didn’t borrow N120tn in 3 years – Presidency fires again at Atiku, Obi

Amid heavy criticism over the alleged borrowing spree underneath President Bola Ahmed Tinubu’s administration, the Federal Government has dismissed as deceptive claims that it borrowed ₦120 trillion in simply three years, regardless of features from gasoline subsidy elimination.

Dada Olusegun, a presidential spokesperson on social media, described the figures because the product of “opposition propaganda machines”, referring to main opposition figures, Atiku Abubakar of the African Democratic Congress, ADC, and Peter Obi of the Nigeria Democratic Congress, NDC.

He clarified that the declare that 16 previous Nigerian leaders borrowed a mixed ₦46 trillion over 63 years, whereas Tinubu borrowed ₦120 trillion in three years, doesn’t replicate the complete image.

“Opposition’s propaganda machines claim that in 63 years, 16 past Nigerian leaders borrowed ₦46 trillion combined, while President Tinubu borrowed ₦120 trillion in just 3 years and still removed the fuel subsidy.”

Providing context, Olusegun stated the ₦46 trillion determine from late 2022 hid ₦22.7 trillion in Central Bank ‘Ways and Means’ overdrafts, which weren’t formally mirrored within the books till May 2023.

He added that earlier calculations transformed overseas debt utilizing a synthetic alternate fee of ₦448 to $1, when the road worth was over ₦700.

“When the exchange rate was unified in June 2023, the exact same dollar debt instantly looked ₦13.4 trillion larger on paper overnight without a single new dollar being borrowed.”

DAILY POST experiences that the Debt Management Office, DMO, stated the nation’s complete debt inventory stood at ₦166.79 trillion as of the tip of June, together with exterior and home money owed.

Recall that Atiku and Peter Obi have been on the forefront of criticism of the Tinubu administration’s borrowing urge for food.

Atiku had just lately urged the National Assembly to halt approval of Tinubu’s borrowing request.

Peter Obi additionally urged Tinubu to account for the financial savings from gasoline subsidy elimination.

DAILY POST experiences that campaigns have intensified forward of the 2027 presidential election.

Tinubu, throughout his visits to Rivers and Akwa Ibom States, questioned opposition events’ criticism of his authorities, notably relating to starvation.