The Debt Management Office (DMO) has clarified that President Bola Ahmed Tinubu inherited a total public debt of ₦87.38 trillion upon assuming office on May 29, 2023.
The agency issued the clarification on Monday, debunking recent media reports claiming that President Tinubu inherited ₦21 trillion in public debt, which allegedly rose to ₦142 trillion.
In a statement, the DMO explained that the total public debt as of June 30, 2023—the first debt data published after President Tinubu’s inauguration—included external and domestic debt owed by the Federal Government of Nigeria (FGN), 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 ₦87.38 trillion, and not ₦21 trillion as reported in the media,” the statement read.
The DMO also addressed the implications of spreading inaccurate information about Nigeria’s debt profile, urging reliance on official and verified data to avoid misinterpretation.
“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 ₦21 trillion to ₦142 trillion under Tinubu’ is inaccurate,” it said.
The agency stressed the importance of understanding that the total public debt figures encompass liabilities at both the federal and state levels, including external borrowing and domestic obligations.