Concerns Over Nigeria’s Growing Public Debt

By Jonathan Are, Communications Assistant
There has been a massive outcry over the increasing rate of borrowing by the Nigerian government. The Nigerian public debt profile rose significantly between 2015 and 2017. As at June 30, 2015, Nigeria public debt stock was N12.12tr. However, as at December 2017, the debt had increased by over 72% to N21.7trn, a difference of N8.25trn in two years. It is important to note that this amount is more than the entire budget allocation for 2018. Similarly, Nigeria’s spending on debt servicing in the same period climaxed at 34.02% of the nation’s revenue.

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2016 Budget