Tinubu did not borrow ₦120tn in 3 years - Presidency fires back at Atiku, Obi

Amid dense disapproval implicit the alleged borrowing spree nether President Bola Ahmed Tinubu’s administration, the Federal Government has dismissed arsenic misleading claims that it borrowed ₦120 trillion successful conscionable 3 years, contempt gains from substance subsidy removal.

Dada Olusegun, a statesmanlike spokesperson connected societal media, described the figures arsenic the merchandise of “opposition propaganda machines”, referring to starring absorption figures, Atiku Abubakar of the African Democratic Congress, ADC, and Peter Obi of the Nigeria Democratic Congress, NDC.

He clarified that the assertion that 16 past Nigerian leaders borrowed a combined ₦46 trillion implicit 63 years, portion Tinubu borrowed ₦120 trillion successful 3 years, does not bespeak the afloat picture.

“Opposition’s propaganda machines assertion that successful 63 years, 16 past Nigerian leaders borrowed ₦46 trillion combined, portion President Tinubu borrowed ₦120 trillion successful conscionable 3 years and inactive removed the substance subsidy.”

Providing context, Olusegun said the ₦46 trillion fig from precocious 2022 concealed ₦22.7 trillion successful Central Bank ‘Ways and Means’ overdrafts, which were not officially reflected successful the books until May 2023.

He added that earlier calculations converted overseas indebtedness utilizing an artificial speech complaint of ₦448 to $1, erstwhile the thoroughfare worth was implicit ₦700.

“When the speech complaint ...