DMO Debunks Report on Nigeria’s Debt Rise Under Tinubu
In a swift response to a widely circulated media report, Nigeria’s Debt Management Office (DMO) has categorically dismissed claims that the country’s public debt skyrocketed from N21 trillion to a staggering N142 trillion under President Bola Tinubu’s administration. The DMO labelled the report as “inaccurate” and provided a detailed clarification to set the record straight.
At a press conference held on Monday, Patience Oniha, the Director-General of the DMO, addressed the issue head-on, offering a comprehensive breakdown of Nigeria’s public debt figures. She emphasized that when President Tinubu assumed office on May 29, 2023, the total public debt stood at N87.38 trillion—not N21 trillion as erroneously reported.
“The news headline circulating in the media titled, ‘How Nigeria’s Debt Rose from N21 trillion to N142 trillion under Tinubu,’ is inaccurate,” the DMO stated in an official release. “The Total Public Debt Stock as of June 30, 2023, which was the first published debt data after President Tinubu took office, was N87.38 trillion.”
The DMO further clarified that the total public debt figure includes both external and domestic debts, encompassing not only the Federal Government of Nigeria (FGN) but also the 36 states and the Federal Capital Territory (FCT). This holistic approach to debt reporting ensures transparency and accountability in Nigeria’s financial management.
Oniha also addressed concerns about the country’s debt trajectory, noting that Nigeria’s debt is expected to rise in December due to the issuance of a $2.2 billion Eurobond in 2024. However, she reassured the public that the country has made adequate budgetary provisions to meet its debt obligations. “Nigeria has consistently serviced its external and domestic debts promptly,” she said, adding that this has bolstered investor confidence in federal government bonds.
The DMO’s latest report for the third quarter of 2024 reveals that Nigeria’s total domestic debt stands at N73.4 trillion ($45.8 billion), while external debt amounts to N68.8 trillion ($43 billion). The office reiterated its commitment to adhering to best practices in debt management, ensuring that Nigeria remains on a sustainable fiscal path.
The DMO’s swift rebuttal underscores the importance of accurate reporting on national economic matters, particularly in an era where misinformation can spread rapidly. As Nigeria navigates its economic challenges, the DMO remains a key player in maintaining fiscal discipline and fostering investor trust.
