Nigeria’s N152tn debt largely inherited – Edun tells Senate

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has informed the Senate that Nigeria’s N152 trillion indebtedness is chiefly made up of past liabilities inherited by the existent administration, on with increases successful speech rate

Edun made this known portion appearing earlier the Senate Committee connected Finance during the 2026 fund defence session.

He explained that retired of the N152 trillion full debt, lone astir N20 trillion has been borrowed by the existent medication since 2023.

“Nigeria’s existent indebtedness illustration of astir N152 trillion is mostly inherited,” Edun said.

“Only astir N20 trillion is caller borrowing accumulated since 2023. The remainder is made up of erstwhile obligations and speech complaint movements.”

He noted that changes successful the speech complaint pushed up the naira worth of overseas loans, which contributed to the existent size of the debt.

The concern curate assured lawmakers that the projected N58.472 trillion 2026 fund is designed to absorption connected projects that volition stimulate economical maturation and amended gross generation.

“The 2026 fund prioritises growth-enhancing projects,” helium said.

He besides assured lawmakers that the medication volition negociate the nation’s indebtedness prudently portion pursuin...