Categories: NewsNigeria News

Tinubu Inherited N87.38trn Debt – DMO

DMO has disclosed that Tinubu inherited N87.38trn debt.

 

Glamtush reports that the Debt Management Office (DMO) has said President Tinubu inherited a total of N87.38 trillion debt upon assumption of office.

Recall that President Tinubu took office on May 29, 2023.

The DMO revealed the above in a bid to clarify recent media reports claiming that President Bola Tinubu inherited N21 trillion in public debt, which rose to N142 trillion.

In a statement issued by the DMO on Monday, the agency said the actual total public debt as of June 30, 2023, after President Tinubu took office, stood at N87.38 trillion.

According to the office, the figure includes the external and domestic debt of the Federal Government of Nigeria (FGN), 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 emphasised 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.

GLAMTUSH

Recent Posts

ICAN, Union Bank Of Nigeria Foster Stronger Relationship With Visit

The Institute of Chartered Accountants of Nigeria (ICAN) recently paid a courtesy visit to Stallion…

17 hours ago

Court Overtuns Cybercrime Charge Against Julius Oluwafunmisho Okedele, Orders EFCC To Tender Public Apology

The court has overturned the cybercrime charge against Julius Oluwafunmisho Okedele and ordered the EFCC…

21 hours ago

FirstHoldCo: Reinforcing ESG, Sustainability Initiatives As It Rebrands

In a world where approximately 20% of new businesses fail within the first two years,…

22 hours ago

Governor Soludo Unveils Bold Infrastructural Plans For Orumba South

Governor Soludo has unveiled bold infrastructural plans for Orumba South and  pledged a lasting development.…

22 hours ago

Pastor Adeboye’s RCCG To Conduct Free O And G Surgery, Dialysis Session, Other Surgeries

Pastor Adeboye’s RCCG is set to conduct free O and G surgery, dialysis session and…

1 day ago

GTCO Transforms Lives With Waste-For Gas Initiative

GTCO has transformed lives with waste-for gas initiative as it distributes 3,000 gas cylinders to…

2 days ago