The Debt Management Office (DMO), has dismissed media reports claiming that Nigeria’s public debt rose from N21 trillion to N142 trillion under the administration of President Bola-Ahmed Tinubu.
DMO made this clarification in a statement posted on its website.
The agency said that the country’s debt was N87 trillion when Tinubu assumed office in 2023 , and not N21 trillion as claimed by the media report.
DMO said: “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.”