The Debt Management Office (DMO) has clarified that President Bola Tinubu inherited a total of N87.38 trillion in public debt upon assuming office on May 29, 2023, refuting media claims that he inherited N21 trillion, which then supposedly increased to N142 trillion.
In a statement issued on Monday, the DMO clarified that as of June 30, 2023, the actual total public debt stood at N87.38 trillion. This figure includes both external and domestic debts, covering the Federal Government of Nigeria (FGN), the 36 states, and the Federal Capital Territory (FCT).
The statement stressed that the reported N21 trillion figure was misleading, urging the public to rely on verified data from official sources to avoid spreading misinformation, particularly on crucial topics like public debt. It highlighted that the total public debt, published by the DMO, encompasses the combined debts of the federal government and subnational governments, not just the federal government’s debt alone.
ALSO READ Coca-Cola recalls popular drinks across Europe over toxic contamination
ALSO READ [OPINION] Favouritism And Cronyism In Nigeria, By Abdu Labaran
“The Total Public Debt Stock as of June 30, 2023, the first official data released after President Bola Ahmed Tinubu assumed office, was N87.38 trillion, not N21 trillion as has been inaccurately reported in some media,” the DMO statement clarified.
The agency also addressed claims in the media suggesting a massive increase in the debt under President Tinubu’s administration, stating that such reports were not only inaccurate but also misleading. The DMO emphasized the importance of basing discussions on verified and credible information to ensure accurate understanding of the nation’s debt situation.
The clarification comes at a time of growing public scrutiny over Nigeria’s rising debt levels, and the DMO’s statement aims to correct any misconceptions and ensure transparency in reporting on the country’s fiscal health.
