Nigeria’s public debt is on track to escalate to approximately ₦182 trillion, driven by fresh borrowing initiatives proposed by the federal government. This marks a significant increase from the current debt stock of ₦144.67 trillion recorded at the end of 2024.
The anticipated rise is attributed to President Bola Tinubu’s request for new loans totaling about $24 billion. At the prevailing exchange rate of ₦1,583.74 to the dollar, this would add roughly ₦38.24 trillion to the nation’s debt profile.
The proposed borrowing aims to finance critical sectors, including infrastructure, agriculture, and healthcare, as part of the administration’s efforts to stimulate economic growth and development.
However, economic analysts have raised concerns about the sustainability of Nigeria’s debt trajectory. The Nigerian Economic Summit Group (NESG) warns that a 30% surge in the debt profile poses significant risks to the country’s fiscal stability. (Business Insider Africa)
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