The DMO also responded to reports that under Tinubu, Nigeria’s debt has increased from ₦21 trillion to ₦142 trillion, describing the headlines as “inaccurate.”
President Bola Tinubu took office in May 2023 with a massive ₦87.38 trillion national debt, according to the Debt Management Office (DMO), refuting recent media reports that said the amount was ₦21 trillion.
In an effort to dispel myths over the country’s debt, the DMO confirmed in a statement released on Monday, January 28, that the entire public debt as of June 30, 2023, was ₦87.38 trillion.
The debt amount comprises the 36 states, the Federal Capital Territory (FCT), and the Federal Government of Nigeria (FGN)’s domestic and foreign loans.
The agency emphasised the need to avoid disseminating false information, especially when it comes to important topics like national debt, and the significance of depending on reliable, official data.
“The Total Public Debt Stock as of June 30, 2023, which was the first published debt data after President Bola Ahmed Tinubu assumed office, was ₦87.38 trillion, and not ₦21 trillion as reported in the media,” the DMO said in its statement.
