The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has informed the Senate that Nigeria’s N152 trillion debt is mainly made up of past liabilities inherited by the current administration, along with increases in exchange rate
Edun made this known while appearing before the Senate Committee on Finance during the 2026 budget defence session.
He explained that out of the N152 trillion total debt, only about N20 trillion has been borrowed by the current administration since 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 noted that changes in the exchange rate pushed up the naira value of foreign loans, which contributed to the current size of the debt.
The finance minister assured lawmakers that the proposed N58.472 trillion 2026 budget is designed to focus on projects that will stimulate economic growth and improve revenue generation.
“The 2026 budget prioritises growth-enhancing projects,” he said.
He also assured lawmakers that the administration will manage the nation’s debt prudently while pursuing policies aimed at strengthening and expanding the economy.
During the session, members of the Senate Committee on Finance raised concerns that many Nigerians are yet to feel the positive impact of the government’s economic reforms.
The committee chairman, Senator Sani Musa, urged the economic team to work closely with the National Assembly to improve budget implementation and ensure that public spending delivers tangible benefits to citizens.