The Debt Management Office, DMO, has clarified that President Bola Tinubu inherited a total public debt of N87.38 trillion upon assuming office. President Tinubu officially took office on May 29, 2023.
The DMO issued this clarification in response to recent media reports claiming that President Bola Tinubu inherited a N21 trillion debt that later rose to N142 trillion.
In a statement released on Monday, January 27, the DMO stated that the actual public debt as of June 30, 2023, was N87.38 trillion, a figure that includes the external and domestic debt of the Federal Government of Nigeria, 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 (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.
