Nigeria’s Debt Hits N87.91trn Under Tinubu’s Administration, Contrary to N21trn Claim—DMO.

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Debt Management Office (DMO) has debunked media reports claiming that Nigeria’s public debt skyrocketed from N21 trillion to N142 trillion under President Bola-Ahmed Tinubu’s administration. According to the DMO, the country’s debt stood at N87 trillion when Tinubu took office in 2023, not N21 trillion as reported.

The DMO clarified this in a statement on its website, stating that the news headline circulating in the media is “inaccurate.” The agency emphasized that the total public debt stock as of June 30, 2023, was N87.38 trillion, which includes both external and domestic debt of the Federal Government, 36 states, and the Federal Capital Territory.

The DMO’s statement read: “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 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.”

The agency urged the public to rely on verified data from official publications to avoid spreading misinformation.

Please don’t forget to “allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.