Private sector raises alarm as public debt races to N200trillion
The private sector is raising serious concerns over Nigeria’s rapidly rising public debt, which is reportedly on track to hit ₦200 trillion in the near future. Business leaders, economists, and industry stakeholders have expressed alarm over the government’s increasing borrowing habits, warning that the growing debt burden could weaken investor confidence, slow economic growth, and threaten long-term fiscal stability.
According to recent economic data and projections, Nigeria’s debt stock — which includes both domestic and external loans — has surged at an accelerated pace over the last few years. What’s even more worrying is that a significant portion of the government’s revenue is now being used to service these debts, leaving little room for infrastructure development, social investments, or job creation.
Analysts fear that if this trend continues unchecked, the nation could face tougher times ahead, including higher inflation, devaluation of the naira, and limited access to global credit markets.
Many in the private sector are urging the federal government to adopt more sustainable borrowing practices, diversify revenue sources, cut down on wasteful spending, and prioritize policies that encourage local production and exports.
The alarm comes at a time when households and businesses are already grappling with rising costs, fuel subsidy removal, and other macroeconomic pressures. Stakeholders say decisive action is needed now to prevent the debt from becoming a full-blown crisis.