The Minister of Finance, Wale Edun, told the Senate that Nigeria’s N152 trillion debt is mostly inherited, with only about N20 trillion borrowed since 2023. Exchange rate fluctuations also increased the naira value of foreign loans, contributing to the debt growth.

Edun explained that the proposed N58.472 trillion 2026 budget focuses on growth-enhancing projects aimed at stimulating the economy and improving revenue generation.

He assured lawmakers that the administration will manage debt prudently while implementing policies to strengthen and expand the economy.

Senate members urged closer collaboration with the economic team to ensure budget execution delivers tangible benefits and that Nigerians feel the impact of economic reforms.