Nigeria’s national debt has surged by 68%, raising alarms about the country’s economic health. Recent data shows that both domestic and international borrowing drove this increase as the government sought to finance various initiatives and meet urgent fiscal needs.
Officials attribute the rising debt to ongoing economic difficulties, such as volatile oil prices and the urgent need for infrastructure improvements. They argue that borrowing is necessary to foster growth and address critical issues.
However, economists warn that this significant debt increase may threaten Nigeria’s financial stability. They recommend implementing effective debt management strategies and improving revenue generation to safeguard the nation’s economic future.
