DMO: Tinubu Inherited N87.38tn Debt, Not N21tn

 

The Debt Management Office (DMO) has clarified reports on Nigeria’s debt profile, stating that President Bola Ahmed Tinubu inherited a total public debt of N87.38 trillion upon assuming office on May 29, 2023.

 

The clarification follows media reports claiming that Tinubu inherited N21 trillion in public debt, which allegedly surged to N142 trillion under his administration.

 

In a statement issued on Monday, the DMO dismissed the reports as inaccurate, stressing that the actual total public debt as of June 30, 2023—the first official figure released after Tinubu’s inauguration—stood at N87.38 trillion.

 

According to the agency, the debt figure comprises both external and domestic debt incurred by 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, was N87.38 trillion, and not N21 trillion as reported in the media,” the statement read.

 

 

The agency urged the public to rely on verified data from official sources to avoid misinformation, particularly on critical issues such as national 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 added.