Report confirms Tinubu inherited ₦87.38trn debt
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![President Bola Tinubu. [Getty Images]](https://image.api.sportal365.com/process/smp-images-production/pulse.ng/28102024/7c9c245f-5a50-4e90-97dd-af55aa71eaad?operations=autocrop(700:467)&format=webp)
The Debt Management Office (DMO) has clarified that President Bola Tinubu inherited a staggering ₦87.38 trillion public debt upon assuming office in May 2023, debunking recent media reports that claimed the figure stood at ₦21 trillion.
In a statement issued on Monday, January 28, the DMO sought to correct misinformation about the nation's debt, confirming that the total public debt as of June 30, 2023, stood at ₦87.38 trillion.
The debt figure includes both external and domestic debts owed by the Federal Government of Nigeria (FGN), as well as the 36 states and the Federal Capital Territory (FCT).
The agency stressed the importance of relying on accurate, official data and highlighted the need to avoid spreading misleading information, particularly about critical issues like national debt.
“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.
DMO Disputes Claims of ₦21 Trillion Inherited Debt
![President Bola Tinubu holds his first meeting with the FIRS chairman after his two weeks vacation. [X, formerly Twitter]](https://image.api.sportal365.com/process/smp-images-production/pulse.ng/28102024/986d657e-e2b5-42b0-9028-cc9a8063c88c?format=webp)
The DMO also addressed claims that Nigeria's debt had surged from ₦21 trillion to ₦142 trillion under Tinubu, calling the headlines “inaccurate.”
The clarification is part of efforts to ensure that the public is informed about verified statistics regarding the nation’s financial situation.
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