The Debt Management Office (DMO) has described as incorrect reports that President Bola Ahmed Tinubu inherited N21 trillion in public debt which rose to N142 trillion.
The debt office said in a statement that the actual total public debt as of June 30, 2023 after President Tinubu took office was N87.38 trillion.
President Tinubu assumed office on May 29, 2023.
The DMO clarified that the figure includes both external and domestic debt of the Federal Government, 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 DMO’s clarification comes in the wake of widespread misreporting on Nigeria’s debt profile, with reports indicating that the country’s debt stock stood at N21 trillion, creating confusion about the actual state of public debt inherited by the current administration.
The DMO 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,” it said.
