Nigeria’s debt hits record N145trn on rising borrowings

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Nigerias debt has reached a record high of N145 trillion due to the governments increased borrowing to fund its budget deficits. The countrys debt has been steadily rising in recent years with external debt accounting for about 36% of the total. This has raised concerns about the sustainability of the countrys debt and its impact on the economy. The government has defended its borrowing stating that it is necessary to fund critical infrastructure projects and stimulate economic growth. However experts have warned that the rising debt could lead to a debt crisis if not managed properly and have called for more transparency and accountability in the borrowing process.

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  • 1) Nigeria's debt has now reach a record high of one hundred and forty trillion naira due to the government increased borrowing to fund it budget deficit. Despite the removal of the subsidy, the government keeps borrowing to which has seen a tremendous surge in the debt profile of the country in the last two years. Why do you think the country keeps borrowing despite the subsidy removal and other multiple tax introduction by this administration?
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  • 2) This huge debt profile has sparked a controversy online where many Nigerians have question the government where this huge borrowed loans are being diverted to amidst the ongoing economic challenges facing the country. What impacts do you think the growing debt will have on the country's poverty rate and overall standard of living of the citizens?
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  • 3) The continuous rise in the debt profile of the country has keep many investors afar both locally and internationally. The huge debt profile has raised concern about the sustainability of the country's debts and its impact on the economy. Do you see the huge debt profile coming down anytime soon with respect to the economical solutions that the administration is providing?
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05 Apr

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05 Apr

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