Mohamed Garba
The Debt Management Office (DMO) has debunked a recent report claiming that Nigeria’s public debt skyrocketed from N21 trillion to N142 trillion under President Bola Tinubu’s administration. According to the DMO, the country’s total debt stood at N87 trillion when Tinubu took office, not N21 trillion as alleged.
Patience Oniha, Director-General of the DMO, clarified that the debt would likely increase in December due to the $2.2 billion eurobond issued in 2024. The DMO emphasized that Nigeria has consistently serviced its external and domestic debts promptly, attracting increased investor interest in federal government bonds.
“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,” the statement reads.
“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 DMO assured that Nigeria has made adequate budgetary provisions to meet its debt obligations, reflecting the country’s commitment to best practices in debt management.
