UN Warns of Debt Crisis as Nigeria’s Borrowing Soars Toward ₦155 Trillion by 2025
The United Nations Conference on Trade and Development (UNCTAD) has raised concerns about the increasing debt burdens faced by developing nations, cautioning that the mounting financial obligations could cripple economic progress. According to UNCTAD, external debt in developing countries reached a historic high of $11.4 trillion in 2023—equivalent to 99% of their total export earnings. Nigeria, in particular, is on a troubling trajectory, with its total debt expected to surpass ₦155 trillion by 2025 as the government plans to borrow an additional ₦13 trillion to bridge budget deficits. As of September 30, 2024, Nigeria’s debt had already climbed to ₦142.3 trillion, according to data from the Debt Management Office (DMO). More alarming is the country’s debt-to-revenue ratio, which currently stands at 65%, highlighting the immense pressure on government finances. Debt Over Development: The Hard Choices Facing Nigeria UNCTAD has warned that instead of channeling resources into crit...