DEBT BOMB TICKS ON: NIGERIA’S PUBLIC DEBT SKYROCKETS TO N142TRN IN Q3 2024 — Op-ed

DEBT BOMB TICKS ON: NIGERIA’S PUBLIC DEBT SKYROCKETS TO N142TRN IN Q3 2024

This Op-ed is from High Chief Peter Ameh. National Secretary, CUPP

Nigeria’s public debt has experienced a staggering increase, rising to N142 trillion in the third quarter of 2024. This alarming growth represents a significant surge from the N8 trillion recorded just 21 months prior. The Debt Management Office’s (DMO) recent report highlights the pressing concern of Nigeria’s escalating debt burden. This trend not only undermines the country’s economic stability but also threatens the well-being of its citizens, who may ultimately bear the brunt of the debt’s servicing costs.

The implications of this rapid debt accumulation are far-reaching and potentially devastating. As the debt burden continues to swell, Nigeria’s ability to allocate resources towards essential public services and infrastructure development may be severely compromised. Furthermore, the increased debt servicing costs may divert funds away from critical sectors such as education, healthcare, and agriculture. To mitigate these risks, it is imperative that the government adopts a more prudent approach to borrowing, spending and debt management, prioritizing sustainable economic growth and the well-being of its citizens.

PETER AMEH

NATIONAL SECRETARY, CUPP