The Digest:
Peter Obi has raised concerns over Nigeria’s rising debt burden, warning that the country's total public debt could exceed N200 trillion by the end of 2025. The recent approval of loans totaling $21 billion, €2.2 billion, and ¥15 billion has pushed the total debt to around N187 trillion, with projections suggesting further escalation.
Key Points:
- Nigeria’s debt hits approximately N187 trillion.
- Total borrowing represents nearly 70% of Nigeria’s pre-rebased GDP.
- The country faces a debt-to-GDP ratio of 50.16%, the highest in history.
- Essential sectors like healthcare, education, and infrastructure remain underfunded.
- Over 133 million Nigerians are multi-dimensionally poor.
- Expenditure on security rises, but insecurity persists with significant loss of life.
- Nigeria's infrastructure, particularly roads and electricity, continues to lag.
Conclusion: Obi calls for urgent fiscal reforms, urging the government to prioritize impactful investments and curtail unnecessary spending, warning that the country’s unchecked borrowing threatens the future of Nigerian children and their generations to come.
Sources: Business Post, Premium Times
