The Debt Management Office has refuted recent media reports that claimed President Bola Ahmed Tinubu inherited a public debt of N21 trillion, which allegedly grew to N142 trillion.
In a statement issued on Monday, the DMO clarified that as of June 30, 2023, following President Tinubu’s assumption of office on May 29, 2023, the actual total public debt stood at N87.38 trillion.
The DMO explained that this figure includes both the external and domestic debts of the Federal Government of Nigeria, as well as the debts of the 36 states and the Federal Capital Territory.
The clarification was issued in response to misleading reports that had circulated, suggesting the country’s debt stock had been at N21 trillion. The DMO urged the public to rely on accurate, official data to avoid the spread of misinformation, particularly on critical matters like public debt.
“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, but also of the thirty-six (36) States and the Federal Capital Territory,” the statement read.
“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”, it said.