Rising Debt Due Largely To Changes In Exchange Rate, Not New Loans, Says Budget Office

The federal government has clarified that surging debt figures stem largely from exchange-rate revaluation of existing foreign-currency obligations, not reckless new borrowing. The federal government faulted what it described as widespread misrepresentation of Nigeria’s public finance in criticisms of President Bola Ahmed Tinubu’s economic reforms, saying many of the claims are built on the improper

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