According to the Debt Management Office, President Tinubu inherited a total of N87.38 trillion in debt at the time of his election.
President Tinubu took office on May 29, 2023.
In an effort to clarify recent media reports that President Bola Tinubu inherited N21 trillion in public debt, which has since grown to N142 trillion, the DMO made the disclosure clear.
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.
The Federal Government of Nigeria (FGN), the 36 states, and the Federal Capital Territory (FCT) are among the figures, according to the office.
“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.
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The organization stressed the value of relying on verified sources of information, particularly in regard to pressing issues like public debt, to prevent the spread of false information.
Source: Channels TV
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