Debt Management Office (DMO) has clarified that President Bola Ahmed Tinubu inherited a total public debt of N87.38 trillion upon assuming office on May 29, 2023. This correction comes in response to media reports suggesting the president inherited N21 trillion, which allegedly rose to N142 trillion.
In a statement released on Monday, the DMO emphasized the importance of accurate reporting on critical national issues such as public debt.
Breakdown of Nigeria’s Debt
The figure of N87.38 trillion, provided by the DMO, includes the external and domestic debts of the Federal Government of Nigeria (FGN), the 36 states, and the Federal Capital Territory (FCT) as of June 30, 2023.
The DMO addressed the inaccuracies in recent reports, stating:
“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.”
The agency stressed the need for reliance on official data to prevent the spread of misinformation.
“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.”
The DMO encouraged stakeholders and the public to consult its official publications for reliable information regarding Nigeria’s debt profile.
As Nigeria continues to address economic challenges, accurate data remains crucial in shaping public discourse and fostering trust. The DMO’s clarification highlights the necessity of informed discussions on the nation’s financial health.
The statement underscores President Tinubu’s inherited economic realities and sets the record straight on Nigeria’s debt trajectory.
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