Tinubu Inherited N87.38trn Debt — DMO clarifies | READ DETAILS
The Debt Management Office (DMO) has disclosed that President Bola Tinubu inherited N87.38 trillion debt upon assumption of office on May 29, 2023.
The DMO stated this in a statement on Monday, while clarifying reports that Tinubu inherited N21 trillion in public debt which rose to N142 trillion.
According to the DMO, the figure includes the external and domestic debt of the Federal Government of Nigeria (FGN), the 36 states, and the Federal Capital Territory (FCT).
“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”.
“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.
