President Bola Tinubu’s administration inherited a total of N87.38 trillion debt upon assumption of office on May 29, 2023, the Debt Management Office (DMO) has disclosed.
The DMO revealed the above in a bid to clarify recent media reports claiming that President Bola Tinubu inherited N21 trillion in public debt which rose to N142 trillion.
In a statement issued by the DMO on Monday, the agency said the actual total public debt as of June 30, 2023, after President Tinubu took office stood at N87.38 trillion.
According to the office, the figure includes the external and domestic debt of the Federal Government of Nigeria (FGN), the 36 states, and the Federal Capital Territory (FCT).
“As a matter of fact, the Total Public Debt Stock as at June 30, 2023, which was the first published debt data after President Bola Ahmed Tinubu assumed office (on May 29, 2023); was N87.38 trillion, and not N21 trillion as reported in the media. Furthermore, it should be noted that the Total Public Debt published by the DMO comprises the External and Domestic Debt, not only of the Federal Government of Nigeria (FGN), but also of the thirty-six (36) States and the Federal Capital Territory,” the statement read.
The agency emphasised the importance of relying on verified data from official publications to avoid the spread of misinformation, particularly on critical issues such as public debt.“The Debt Management Office (DMO) wishes to notify the general public that the news headline circulating in the media titled, ‘How Nigeria’s Debt Rose from N21 trillion to N142 trillion under Tinubu’ is inaccurate”,
