Nigeria’s public debt is projected to escalate to an unprecedented N150 trillion by the end of this year, fueled by a combination of fiscal deficits, revenue shortfalls, and a heavy reliance on borrowing.
This alarming forecast was revealed during the quarterly Finance Correspondents Association of Nigeria (FICAN) forum, where industry experts dissected the nation’s fiscal trajectory.
Delivering the keynote presentation titled “Nigeria in Transition: Reforms, Global Shifts, and Strategic Opportunities,” Mr. Ugodre Obi-Chukwu, Managing Director of Nairametrics, provided a sobering analysis of the country’s fiscal framework.
He underscored the chronic mismatch between revenue generation and expenditure targets, a reality that has hindered Nigeria’s ability to achieve sustained economic growth.
According to Mr. Obi-Chukwu, Nigeria’s 2024 budget execution as of August was emblematic of the structural inefficiencies plaguing the nation’s economy.
While the budget earmarked N23.3 trillion for spending, actual expenditure stood at a mere N16.93 trillion—driven primarily by a 60 per cent shortfall in capital expenditure.
This chronic underperformance raises concerns about the government’s capacity to fund its ambitious infrastructure plans, which are critical to spurring growth.
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