The Debt Management Office (DMO) has dismissed reports claiming President Bola Ahmed Tinubu inherited a public debt of N21 trillion, clarifying that the actual figure was N87.38 trillion as of June 30, 2023.
In a statement released on Monday, the DMO explained that this figure includes external and domestic debts owed by the Federal Government of Nigeria (FGN), the 36 states, and the Federal Capital Territory (FCT).
“As of June 30, 2023—the first debt data published after President Bola Ahmed Tinubu assumed office on May 29, 2023—the Total Public Debt Stock was N87.38 trillion, not N21 trillion as erroneously reported,” the DMO stated.
Addressing Misreported Debt Figures
The clarification follows inaccurate media reports that suggested Nigeria’s debt stood at N21 trillion before allegedly rising to N142 trillion under the current administration. The DMO called these claims misleading and urged reliance on official data to avoid misinformation on critical national issues.
“The Debt Management Office wishes to inform the public that the media headline titled, ‘How Nigeria’s Debt Rose from N21 Trillion to N142 Trillion under Tinubu,’ is incorrect,” the statement emphasized.
Breaking Down Nigeria’s Debt Profile
The updated debt figure of N87.38 trillion represents a comprehensive evaluation of Nigeria’s obligations across all tiers of government. It includes external borrowings from global financial institutions and domestic liabilities, such as bonds and treasury bills.
Experts have underscored the need for robust strategies to address Nigeria’s mounting debt, advocating for increased revenue generation, reduced government waste, and improved debt management practices.
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