Debt Management Office (DMO) has reported that upon taking office on May 29, 2023, President Tinubu inherited a substantial total public debt of N87.38 trillion.
The clarification comes in response to recent media claims that suggested President Bola Tinubu took over a public debt of N21 trillion, which allegedly increased to N142 trillion.
In an official statement released on Monday, the DMO provided details indicating that as of June 30, 2023, the total public debt—encompassing both external and domestic obligations—amounted to N87.38 trillion. This figure includes the debt incurred by the Federal Government of Nigeria (FGN), all 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 agency 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.
