Nigerian President Bola Tinubu took office with a total of N87.38 trillion in debt, according to the Debt Management Office (DMO).
President Tinubu assumed office on May 29, 2023.
In an effort to address recent media allegations that asserted President Tinubu inherited N21 trillion in public debt, which increased to N142 trillion, the DMO made the aforementioned revelations.
Following President Tinubu’s inauguration, the DMO indicated in a statement released on Monday that the actual total public debt as of June 30, 2023, was N87.38 trillion.
The office claims that the amount encompasses the 36 states, the Federal Capital Territory (FCT), and the Nigerian government’s domestic and external debt.
“The total public debt stock as of June 30, 2023, which was the first debt statistics released following President Bola Ahmed Tinubu’s inauguration (on May 29, 2023), was actually N87.38 trillion, not N21 trillion as the media had claimed.”
The statement also hinted that the Nigerian government, as well as the thirty-six (36) states and the Federal Capital Territory, are included in the Total Public Debt issued by the DMO.
In order to prevent the dissemination of false information, the agency highlighted the significance of depending on validated data from official sources, especially when it comes to important topics like public debt.
“How Nigeria’s Debt Rose from N21 trillion to N142 trillion under Tinubu” is an incorrect headline that is making the rounds in the media, and the Debt Management Office (DMO) wants to let the public know about it,” the statement read.
