Debt Management Office Reveals Figure Of The Total Debt Tinubu Inherited

The Debt Management Office (DMO) has stated that President Tinubu inherited a total public debt of N87.38 trillion when he assumed office.

Tinubu became president on May 29, 2023.

The DMO issued this clarification in response to recent media reports suggesting that President Bola Tinubu inherited N21 trillion in public debt, which allegedly increased to N142 trillion.

In a statement released on Monday, the DMO confirmed that as of June 30, 2023, the total public debt, which includes the external and domestic debt of the Federal Government, the 36 states, and the Federal Capital Territory (FCT), amounted to N87.38 trillion.

“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 stressed the need to rely on verified information from official sources to prevent the dissemination of misinformation, especially on crucial matters like 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.

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