Nigeria’s N152trn Debt Largely Inherited – Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has told the Senate that Nigeria’s N152 trillion public debt was largely attributable to obligations inherited by the present administration, as well as increases caused by exchange rate fluctuations.

Edun disclosed this while appearing before the Senate Committee on Finance for the 2026 budget defence on Thursday.

According to him, of the N152 trillion total debt stock, roughly N20 trillion represented borrowings undertaken by the current administration since assuming office in 2023.

“Nigeria’s current debt profile of about N152 trillion is largely inherited,” Edun said.

“Only about N20 trillion is new borrowing accumulated since 2023. The rest is made up of previous obligations and exchange rate movements,” he added.

He explained that the depreciation of the naira significantly increased the local currency value of existing foreign loans, thereby swelling the overall debt figure.

The minister assured lawmakers that the proposed N58.472 trillion budget for 2026 was structured to prioritise initiatives capable of driving economic expansion and boosting government revenues.

“The 2026 budget prioritises growth-enhancing projects,” he said.

Edun further pledged that the administration would continue to handle the country’s debt obligations responsibly while implementing policies aimed at stabilising and broadening the economy.

During the session, members of the Senate Committee on Finance expressed concern that many Nigerians have yet to experience the expected benefits of the government’s economic reforms.

In his remarks, the committee chairman, Senator Sani Musa, called on the economic management team to strengthen collaboration with the National Assembly to enhance budget execution and ensure that public expenditure translates into measurable improvements in citizens’ lives.