The Presidency has dismissed allegations by the 2027 presidential candidate of the Nigeria Democratic Congress, Peter Obi, that the administration of President Bola Tinubu has accumulated more than ₦100 trillion in debt within three years.

Responding to Obi’s criticism on Tuesday, the Special Assistant to the President on Social Media, Dada Olusegun, said the increase in Nigeria’s debt profile was largely a consequence of the naira’s devaluation rather than extensive new borrowing.

According to Olusegun, most of the apparent rise in the country’s debt burden stems from the way foreign-denominated debts are valued in naira following exchange rate adjustments.

“For the umpteenth time, Nigeria’s obvious debt portfolio increase over the past three years under the administration of President Tinubu is not a function of new borrowings; rather, the vast majority of it is the mathematical impact of currency devaluation, which you also promised to implement during your campaigns,” he said.

He further argued that the current administration inherited substantial financial obligations, including about ₦20 trillion in Ways and Means debt, which was later securitised as part of efforts to manage repayment.

“In addition, this administration inherited a whopping Ways and Means debt of around ₦20 trillion, which was securitised to ensure swift repayment by the nation. This makes up a significant portion of the debts Mr Obi is claiming the administration has accumulated within three years,” Olusegun stated.

The presidential aide also noted that Nigeria’s public debt figures include liabilities accumulated by state governments and should not be attributed solely to the Federal Government.

Questioning Obi’s interpretation of the figures, he argued that changes in exchange rates can significantly alter the naira value of external debt without necessarily increasing the actual debt stock.

“If tomorrow, President Tinubu decides to fix the naira against the dollar at ₦500/$ and the value of our debts in naira drops drastically, will Mr Peter Obi unequivocally agree that the President has repaid all of our debts?” he asked.

Olusegun maintained that Nigeria’s debt level in dollar terms has remained largely unchanged.

“Lastly, Nigeria’s debt in dollar value has remained relatively stable, ranging from $108 billion in 2023 to $109 billion in 2026. This tells the true story of the country’s debt levels,” he said.

He also pointed to improvements in the country’s net external reserves, claiming they had risen from about $3 billion in 2023 to approximately $40 billion in 2026, and urged critics to consider broader economic indicators when assessing the administration’s performance.

The response followed recent remarks by Obi, who accused the Tinubu administration of excessive borrowing and poor fiscal discipline.

The former Anambra State governor argued that Nigeria’s total public debt had climbed to roughly ₦200 trillion, which he attributed to what he described as imprudent governance.

Obi maintained that the debt stock had increased by more than ₦100 trillion within three years and contrasted the figure with the approximately ₦49 trillion accumulated during the eight-year administration of former President Muhammadu Buhari.

The exchange highlights the continuing debate over Nigeria’s debt profile, fiscal management, and the impact of exchange rate reforms on the country’s economic indicators.