Oyedele Dismisses N80tn Debt Claim, Explains Nigeria’s Fiscal Position to Senate
Oyedele Dismisses N80tn Debt Claim, Explains Nigeria’s Fiscal Position to Senate
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has dismissed claims that Nigeria is burdened with an undisclosed N80 trillion debt, describing the allegation as false and misleading.
Speaking during an appearance before the Senate, Oyedele clarified that the figure being circulated does not represent hidden borrowing or fresh debt owed by the Federal Government. He explained that the amount relates to accounting and tax reconciliation issues that have been misunderstood and wrongly presented as public debt.
Oyedele told lawmakers that there was no basis for suggesting the Federal Government secretly accumulated an additional N80 trillion liability. According to him, the claim distorts the actual financial position of the country and risks creating unnecessary panic among Nigerians and investors.
The tax reform committee chairman stressed that ongoing fiscal reforms are aimed at improving transparency, expanding government revenue, reducing leakages, and strengthening public confidence in Nigeria’s financial management. He noted that the reforms are designed to create a more efficient tax system capable of supporting sustainable economic growth.
Responding to questions from senators, Oyedele explained that tax liabilities, revenue reconciliation, and accounting adjustments should not be mistaken for sovereign debt. He urged lawmakers and the public to rely on verified financial records rather than speculative figures circulating in the public space.
He further reiterated the Federal Government’s commitment to responsible fiscal management, adding that the tax reform agenda seeks to simplify tax administration, improve compliance, and create a more business-friendly environment for investors.
Lawmakers used the session to seek further clarification on the country’s fiscal position, tax policies, and revenue generation strategy, while emphasizing the need for accurate financial disclosures to strengthen public trust.
Oyedele maintained that transparency remains a key pillar of the ongoing fiscal reforms and assured the Senate that all government financial obligations are properly documented and subject to existing legal and institutional oversight.
