Yemi Obafemi
The Debt Management Office (DMO) has reported that President Tinubu inherited a total debt of N87.38 trillion upon taking office.
This is contrary to the news headline circulating in the media titled, ‘How Nigeria’s Debt Rose from N21 trillion to N142 trillion under Tinubu’ is inaccurate”,are misleading.
This was revealed in a statement by 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.
The office explained that the figure encompasses the external and domestic debts of the Federal Government of Nigeria (FGN), the 36 states, and the Federal Capital Territory (FCT).
The statement read: “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 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.”
