Tinubu inherited N87.38trn debt —DMO

THE Debt Management Office (DMO) has stated that the actual total public debt as of June 30, 2023 after President Bola Ahmed Tinubu took office stood at N87.38 trillion.

The DMO debunked recent media reports claiming that President Tinubu inherited N21 trillion in public debt which has risen to N142 trillion.

In a statement issued by the DMO on Monday, the agency said the actual total public debt as of June 30, 2023 after President Tinubu took office stood at N87.38 trillion.

In the statement tagged: “Press rejoinder: Clarification of inaccurate headline ‘How Nigeria’s Debt rose from N21 trillion to N142 trillion under Tinubu’, the DMO described the story as in accurate.

The agency 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 142 trillion under Tinubu” is inaccurate.

“As a matter of fact, the Total Public Debt Stock as of 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”.

This infers that President Tinubu inherited N87.38 trillion debt, not N21 trillion as reported in some media.

READ ALSO: FG has enough budget to meet foreign, local debt obligations — DMO