The Debt Management Office (DMO), on Monday, dismissed a report claiming that Nigeria’s public debt rose from N21 trillion to N142 trillion under President Bola Tinubu.
In a video report of the office’s press conference, Patience Oniha, director-general of DMO, was seen giving a breakdown of the total debt.
She said debt would likely increase in December due to the $2.2 billion eurobond issued in 2024.
Providing clarifications in the statement, the DMO described the report as “inaccurate”.
The office said when Tinubu assumed office, the country’s debt was N87 trillion and not N21 trillion as claimed by the report.
“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 87.38 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.”
On January 1, the DMO assured that Nigeria had made adequate budgetary provisions to meet its debt obligations following the issuance of the $2.2 billion eurobonds.
The debt office said Nigeria has consistently serviced its external and domestic debts promptly, leading to increased investor interest in federal government bonds.
The organisation said the efforts reflect the country’s strict adherence to best practices in debt management.
In its latest third quarter (Q3) report for 2024, the DMO said Nigeria’s total domestic debt was N73.4 trillion ($45.8 billion) while the total external debt was N68.8 trillion ($43 billion).
(The Cable)
