President Bola Tinubu Inherited N87.38 Trillion Debt From Muhammadu Buhari — DMO

President Bola Tinubu Inherited N87.38 Trillion Debt From Muhammadu Buhari — DMO

President Bola Tinubu Inherited N87.38 Trillion Debt From Muhammadu Buhari — DMO

The Debt Management Office (DMO) has revealed that President Bola Ahmed Tinubu inherited a staggering N87.38 trillion debt from his predecessor, Muhammadu Buhari.

The agency revealed the figure to clarify recent media assertions which claim that President Tinubu inherited N21 trillion in public debt, a figure that allegedly increased to N142 trillion.

In a statement released by the DMO on Monday, the agency reported that the actual total public debt as of June 30, 2023, following President Tinubu's inauguration, stands at N87.38 trillion.

According to the office, this figure encompasses both the external and domestic debt of the Federal Government of Nigeria (FGN), as well as the debts of the 36 states and the Federal Capital Territory (FCT).

“As a matter of fact, the Total Public Debt Stock as at 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 statement read.

The agency emphasized the importance of relying on verified data from official publications to avoid the spread of misinformation, particularly on critical issues such as public debt.

“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”, it said.

Understanding the N87.38 trillion Debt Landscape

The N87.38 trillion debt includes both domestic and foreign borrowing, highlighting the magnitude of challenges faced by the Tinubu administration as it seeks to navigate Nigeria toward economic stability and growth.

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