By Kingston Magare 9.6.2026
As Nigeria’s fast rising continue to spiral out of control drawing flaks from 2027 presidential aspirant Peter Obi, President Bola Tinubu media aide has told Mr. Obi to study the mathematics behind the ballooning debt.
Mr. Obi had bemoaned President Tinubu’s borrowing, which reached an unprecedented N200 trillion in three years of his administration, but according to Dada Olusegun presidential aide on social media, it was nothing but the devaluation of the naira that resulted in the seemingly huge figures.
“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; vast majority of them are mathematical impacts of currency devaluation which you also promised to implement during your campaigns,” Olusegun told Obi while replying to his criticism.
“This administration inherited a whopping debt of around N20 Trillion which was securitized 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,” he said.
He stated that Obi needs to study the figures and compare them with the devaluation of the nation’s currency.
“If tomorrow, President Tinubu decides to fix the Naira against the dollar at N500/$ and the value of our debts in Naira drops drastically, will Mr @peterobi unequivocally agree that the President has repaid all of our debts?” he asked.
“Nigeria’s debt in dollar value has remained relatively stable, ranging from $108bn in 2023 to $109bn in 2026. This tells the true story of the country’s debt levels,” he said.
He stated that Mr. Obi needed to commend the administration for taking the country’s net external reserves from about $3bn in 2023 to around $40bn in 2026.