Editorial
Checking Nigeria’s Rising Debt Profile
These are challenging times for Nigeria as the country grapples with an uncertain political environment,
heightened insecurity, and a struggling economy. The nation is facing financial difficulties, as indicated by the escalating debt profile and the resulting burdensome repayment obligations. To avert an impending disaster, President Bola Ahmed Tinubu and his cabinet must emerge from their passive stance and implement measures to halt the country’s downward spiral.
An alarm raised last year by the Centre for the Promotion of Private Enterprise re-echoed the magnitude of Nigeria’s debt crisis. The warning that Nigeria’s national debt, encompassing both the liabilities of the Asset Management Corporation of Nigeria (AMCON) and borrowings from the Central Bank of Nigeria (CBN), could soon reach the N50trillion mark caused serious concern. The present situation is already unsustainable, with the government spending 90per cent of its revenue on servicing debts.
But in the latest release, the Debt Management Office (DMO) puts Nigeria’s total public debt at N87.38trillion at the end of the second quarter of 2023. The figure represents an increase of 75.29percent or N37.53trillion, compared to N49.85trillion recorded at the end of March, 2023. The DMO, in a recent report, said the debt includes the N22.71trillion Ways and Means Advances of the Central Bank of Nigeria to the Federal Government. The statement also noted that other additions to the debt stock were new borrowings by the Federal Government and the sub-nationals from local and external sources.
The DMO had earlier projected that Nigeria’s public debt burden might hit N77trillion following the National Assembly’s approval of the request by former President Muhammadu Buhari to restructure the CBN’s Ways and Means Advances. The Ways and Means Advances is a loan facility through which the CBN finances the shortfalls in the government’s budget. The DMO’s Director-General, Patience Oniha, during a public presentation of the 2023 budget organised by the former Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, noted that the debt would be N70trillion without N5trillion new borrowing and N2trillion promissory notes.
However, the latest data revealed that the current debt stock of N87.38trillion exceeded the DMO’s projection by N10.38trillion. Further breakdown showed Nigeria has a total domestic debt of N54.13trillion and a total external debt of N33.25trillion. While the domestic debt makes up 61.95 percent of total debt, the external portfolio makes up 38.05 percent. The Tide also observed that there was a significant increase in both domestic and external debts within three months. The domestic debt rose by 79.18percent from N30.21trillion, while the external debt rose by 69.28percent from N19.64trillion in Q1 2023.
In its 2022 Debt Sustainability Analysis Report, the DMO warned that the Federal Government’s projected revenue of N10trillion for 2023 could not support fresh borrowings. According to the Office, the projected government’s debt service-to-revenue ratio of 73.5percent for 2023 is high, and a threat to debt sustainability. It noted that the government’s current revenue profile could not bolster higher levels of borrowing.
Nigeria’s story is tragic. Its debt crisis began in 2005/06 with a debt buy-back with the Paris Club and the London Club of international creditors, leading to $18billion in debt forgiveness. However, enabled by a rubber stamp National Assembly, Buhari led the country into another debt trap, with public debt expanding the most under his regime, compared to previous administrations since 1999. The foreign debt component also grew over three times more than the combined figure recorded by the previous three administrations.
The present government should discontinue the last administration’s profligate borrowings and spending. There should be financial prudence since the country produces nothing tangible for the international market other than crude oil. Therefore, spending 90 percent of revenue on debt servicing is certainly not sustainable; it leaves next to nothing for capital projects, besides paying workers’ salaries.
It will be beneficial for the authorities to prioritise revenue generation by implementing initiatives and reforms to increase tax collection. This includes Strategic Revenue Growth Initiatives to raise the tax-revenue-to-GDP ratio, currently at 7 percent, to match other countries. Additionally, the three tiers of government should establish public-private partnership schemes to encourage financial support for capital projects previously funded through borrowing.
The crude oil business has long been shrouded in opacity, hindering transparency and accountability. Every dollar generated from the sale of crude oil should be properly accounted for, and we should take measures to block fiscal leakages. The recovery of the $62billion oil revenue owed by major oil companies, as sanctioned by the Supreme Court since October 2018, should not be further delayed. This substantial amount, if recovered, has the potential to uplift the economy.
Addressing the extensive theft of crude oil and expanding the tax net are imperative. The government should privatise most of the infrastructure it borrows to establish, such as airport terminals, railways, and seaports. The NASS, a compliant parliament, should restore its reputation by ceasing to approve all requests blindly for external borrowing without scrutinising the sources of repayment and considering the potential consequences for future generations of Nigerians.
Reducing bureaucracy, lowering governance costs, easing the fiscal burden, and increasing revenue are also vital to conserve funds. It is important to monitor the revenue-to-debt-service ratio closely to avoid excessive debt. Otherwise, Nigeria could end up in a situation of unsustainable debt burden, needing to ask for debt forgiveness from other countries, which might reflect poorly on the current administration. There should be a renewed urgency in ending gratuitous borrowing. This is our stand!
Editorial
2027: Beyond IGP’s Billboards Protection Order
As Nigeria moves toward the 2027 general elections and campaign activities intensify, violence against opposition politicians has become an issue that can no longer be overlooked. What should be a season of competing ideas is increasingly turning into a test of intimidation, and early signs suggest that those challenging the ruling establishment are the primary targets.
It was, therefore, welcome news when the Inspector-General of Police, Olatunji Disu, warned politicians, political thugs and others against destroying, defacing or removing campaign posters, banners and billboards. In a statement issued in Abuja by the Force Public Relations Officer, CSP Ani Iniedu, the police condemned such acts as political intolerance, directed Commissioners of Police in all 36 States and the Federal Capital Territory to take preventive measures, and warned that sponsors would also face prosecution. The police rightly described such vandalism as a criminal act that undermines parties’ and candidates’ freedom to canvass for votes.
But billboards are replaceable; human lives are not. While applauding the IGP’s stance, we urge him to extend the same stern warning and enforcement zeal to thugs who assault opposition members during campaigns. A police force that punishes the tearing of a poster but ignores the breaking of a skull will have its priorities questioned. Allowing such attacks to continue could erode the foundations of our democracy.
Consider the African Democratic Congress (ADC) presidential campaign flag-off in Sokoto State on November 4, 2026. The party alleged that the State Government denied it access to public facilities, sealed its campaign venue and pressured hotels to reject its delegates, forcing it to hold the rally at its secretariat. The Sokoto authorities, however, denied instructing hotels to turn guests away. More seriously, two suspected ADC supporters were reportedly shot along the Sokoto–Wurno Road while travelling to the venue, allegedly by operatives of the Sokoto State Community Guards.
Whatever the truth of these competing accounts, a shooting demands more than press statements. It requires a transparent, independent investigation and prosecution where warranted. Sokoto was not an isolated incident. The following day in Birnin Kebbi, the ADC presidential campaign convoy was reportedly attacked by armed gangs. Amnesty International said vehicles were vandalised, people assaulted with cutlasses and roads blocked, while the party’s Kebbi governorship candidate, Abubakar Malami, alleged that media equipment was destroyed and tear gas deployed. His convoy had suffered a similar attack in the city in September 2025.
The Nigeria Democratic Congress (NDC) has suffered similar attacks. On November 4, hoodlums stoned the motorcade of its presidential candidate, Peter Obi, and running mate, Rabiu Musa Kwankwaso, at Watt Market roundabout in Calabar, Cross River State. Police reported arresting a 27-year-old suspect, Victor Edet, although it remains unclear whether he has been arraigned. The State Government has denied suggestions that ruling-party supporters were responsible. Worse, in Asaba, Delta State, one person was killed and five injured when suspected thugs attacked an NDC rally. A death at a political rally is no longer a warning; it is a damning indictment of the prevailing political climate.
Even critics of the establishment who are not frontrunners have not been spared. Omoyele Sowore, presidential candidate of the African Action Congress (AAC), was attacked by suspected thugs at a restaurant in Ado-Ekiti on October 30. He alleged that the assailants were linked to the Ekiti State Government House and that the Department of State Services leaked his location. Both the State Government and the security service denied involvement, while the police reported a minor injury and a discreet investigation. These conflicting accounts make an independent, publicly reported inquiry indispensable.
What deepens the concern is the Federal Government’s apparent silence. We are unaware of any specific, forceful condemnation of these assaults, even as All Progressives Congress (APC) rallies appear to proceed nationwide without incident. Such silence can easily be misconstrued as complicity, regardless of intent.
According to the Centre for Democracy and Development, 109 election-related deaths were recorded in the build-up to the 2023 polls. The Kimpact Development Initiative separately documented 238 incidents and 24 deaths during the general elections. Beyond Nigeria, Kenya’s 2007–08 post-election violence claimed more than 1,000 lives, according to the Waki Commission. Ghana, by contrast, enacted the Vigilantism and Related Offences Act in 2019 to curb party vigilante groups, a model worth studying.
The remedies are neither exotic nor expensive. The IGP should extend his directive to cover assaults on individuals and disruptions of rallies, while establishing a dedicated investigative unit to probe the Sokoto shooting and the attacks in Kebbi, Calabar, Asaba and Ado-Ekiti. It should publish the status of each case within a fixed period. Suspects must be prosecuted and their sponsors, regardless of party or position, brought to justice. State-backed security outfits, including the Community Guards, should be audited and barred from partisan duties.
The Federal Government must speak and act unequivocally. President Tinubu should specifically condemn attacks on opposition candidates and direct all security agencies to guarantee equal protection for every party. Governors must ensure equal access to public facilities for registered parties. The Independent National Electoral Commission (INEC), which has warned of fines and imprisonment under the Electoral Act 2026 for inflammatory campaign conduct, should enforce the Code of Conduct for Political Parties. Working with the Inter-Agency Consultative Committee on Election Security, it should publish a joint security plan covering campaigns, polling, and collation. Parties must discipline their supporters, courts expedite electoral-violence trials, and civil society and the media maintain a public record of incidents and their outcomes.
The credibility of the 2027 elections is at stake. An election is credible only when every contender can campaign, travel, assemble and speak freely, without fear. Without a free opposition, there can be no meaningful democracy. Nigeria is not a one-party State, and law enforcement agencies must demonstrate their neutrality through action, not communiqués. The campaign atmosphere is too tense to be left to chance. Billboards deserve protection, certainly, but citizens deserve it far more.
Editorial
Champions At Last: Well Done, Flamingos
Editorial
Kula Tragedy, Needless Loss Of Lives
-
Politics4 days agoLG CITY BOY COORDINATOR HAILS WIKE’S SUPPORT FOR ONYESOH, TINUBU
-
Politics4 days ago
DIRI INAUGURATES APC CAMPAIGN COUNCIL, SETS MILLION VOTES TARGET FOR TINUBU
-
Politics4 days agoNDC Candidate Urges Oborevwori To Probe Asaba Political Violence
-
News5 days agoArmy Recovers X Account After Hack Attempt
-
Business16 hours ago
‘NUJ, NPA’s Partnership Would Boost Port Producrivity, Economic Growth’
-
News13 hours ago
RSG Reaffirms Commitment To STEM Education, Technological Advancement
-
News13 hours agoIGP Warns Police Officers Against Partisanship …Directs Regular Engagement With Journalists
-
Politics4 days ago
2027: Oborevwori Tasks Media On Fair, Accurate Reporting
