Tue. Jan 28th, 2020

Buhari Inherited $63.8bn Debt, Not $7bn-DMO

The Debt Management Office (DMO) has debunked a recent statement reportedly made by a former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafiya to the effect that the President Muhammadu Buhari inherited a debt stock of less than $7 billion in 2015, which according to him, now stands at $84 billion.

Debunking this, the DMO said as at June 30 shortly after the APC government came into power, that the debt profile of Nigeria was #63.81bn and not the purported #7.0bn reportedly declared by the CBN deputy governor, Dr Obadiah. Debunking this yesterday, the DMO said the Deputy Governor of the DMO said the purported claim was totally incorrect and not supported by public debt data that is readily available on its website

A thisday newspaper report has it that the DMO said that, the nominal increase in the public debt stock between June 30, 2015 ($63.81 billion) and June 30, 2019 ($83.88 billion), was about $20.0 billion, which is a far cry from the gross misrepresentation made at the live programme on Channels that the public debt stock increased by $77.0 billion during this period.”

The DMO stated that it considered it expedient at this time, in the interest of the general public to make some clarifications regarding Nigeria’s public debt.

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