The Federal Government has explained that Nigeria’s N152 trillion public debt is largely driven by improved transparency and foreign exchange adjustments, not a surge in new borrowing.
The explanation was provided by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the launch of the Nigerian Economic Summit Group (NESG) 2026 Macroeconomic Outlook Report in Lagos.
The clarification seeks to address public concerns by breaking down the components of the debt increase and highlighting the impact of recent fiscal and exchange rate reforms.
In a statement issued on Thursday by Special Adviser on Communications, Media and Publicity to the Minister of Finance, Dr. Ogho Okiti, he said: “The Honourable Minister of Finance and Coordinating Minister of the Economy clarified that the N152 trillion public debt figure is largely the result of transparency and exchange rate correction, not excessive new borrowing.”
This adjustment reflects changes in the exchange rate rather than the accumulation of new external loans.
Edun stressed that the updated debt figures are not the result of reckless borrowing but a correction of long-standing fiscal reporting gaps.
He added that accurate data is essential for effective economic planning and restoring investor confidence.
The Minister reiterated that the administration remains committed to responsible debt management, fiscal discipline, and sustainable economic growth.
He emphasized that ongoing reforms are designed to strengthen public finance management and improve the credibility of Nigeria’s fiscal data.
Edun also disclosed that Nigeria recorded an 84% execution rate of its 2024 capital budget.
He explained that the extension of the budget implementation period to March 2026 was necessary to accommodate ongoing projects and address funding challenges, particularly for critical infrastructure.
According to him, the extension will ensure that priority development projects are completed rather than abandoned, despite the prevailing fiscal constraints.