The Central Bank of Nigeria (CBN) has expressed confidence in the country’s economy, saying it has continued to demonstrate strong resilience in the face of external pressures.
CBN Governor, Olayemi Cardoso, stated this during an interactive session with the Senate Committee on Banking, Insurance and Other Financial Institutions.
Cardoso assured lawmakers that despite volatility and persistent uncertainties in the global environment, particularly tensions in the Middle East, the Nigerian economy remains strong and resilient, as reflected in expanding economic activities across key sectors.
He told the committee, chaired by Senator Adetokunbo Abiru, that inflationary pressures remain moderate, while the foreign exchange market has remained relatively stable.
He stated that the CBN is committed to increasing diaspora remittances through inflow to US$1 billion monthly, ensure monetary and price stability and support sustainable economic growth.
Cardoso’s assurance came two days after the same Senate Committee on Banking, Insurance and Other Financial Institutions was briefed on the state of the nation’s economy by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who dismissed claims that the President Bola Tinubu administration had borrowed about ₦80 trillion within three years.
Addressing the committee on Monday, the minister described the figures as exaggerated and largely driven by accounting adjustments rather than fresh loans.
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Responding to concerns raised by lawmakers over reports that the current administration had borrowed about ₦80 trillion in addition to the ₦75 trillion debt it inherited, Edun said the figures being circulated by commentators and reported in some sections of the media did not accurately reflect the level of new borrowing.
According to him, Nigeria’s public debt stood at about ₦75 trillion when the Tinubu administration assumed office, but subsequent reforms and the depreciation of the naira significantly increased the naira value of the country’s external debt.
“When this administration came into office, public debt was around ₦75 trillion. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively.
“However, following the reforms and the depreciation of the naira, the foreign currency component of our public debt had to be revalued because Nigeria reports its debt in naira. That accounting adjustment alone added more than ₦40 trillion to the public debt figure,” he said.
The minister further explained that the securitisation of the Ways and Means advances approved by the National Assembly added about ₦33 trillion to the public debt stock, stressing that the amount did not represent new borrowing but existing obligations that were formally recognised.
However, members of the committee expressed concern over what they described as the poor implementation of the capital component of the 2026 budget.
