By Kolawole Ojebisi
The Debt Management Office (DMO), has described as “inaccurate” the report making the rounds that Nigeria’s public debt rose from N21 trillion to N142 trillion within twenty months of the Tinubu administration.
The Director- General of DMO, Patience Oniha, pointed out what she called “inaccuracy” in a video report of a press conference which she held on Tuesday.
Oniha was seen giving a breakdown of Nigeria’s total debt in the video. While providing clarifications about Nigeria’s debt profile, Oniha said the country’s debt profile would likely increase in December due to the $2.2 billion eurobond issued in 2024.
The office said when Tinubu assumed office, the country’s debt was N87 trillion and not N21 trillion as claimed by reports.
“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.”
Recall that on January 1, the DMO assured Nigerians that the country 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).
