society
Borrowed Into Bankruptcy: How Nigeria’s Debt Spiral Under the APC Is Scaring Away Investors
Borrowed Into Bankruptcy: How Nigeria’s Debt Spiral Under the APC Is Scaring Away Investors.
George Omagbemi Sylvester | SaharaWeeklyNG.com
Debt-shackled Nigeria now pays in fear, while investors flee the drowning ship.
Nigeria stands today not as a rising economy but as a nation drowning in debt and the warning lights flashing are not faint. The eminent legal icon, Afe Babalola SAN, pulled no punches when he declared that the country’s worsening debt profile is undermining investor confidence and that our banks are complaining that the Central Bank of Nigeria (CBN) can no longer honour government promissory notes.
In blunt terms: we borrowed, we did little that shows value and now we are paying dearly. This is not mere theory, but the harsh reality confronting Nigeria as borrowing has become a substitute for sound economic policy and productive investment. The result, investors are watching, waiting and many are leaving. The so-called “PROGRESS” under the ruling All Progressives Congress (APC) has turned into a spectacle of empty coffers, ballooning liabilities and vanishing credibility.
1. A growing mountain of debt:
According to the very same Babalola, Nigeria’s total public debt currently stands at around ₦152.4 trillion (US $99.7 billion) a figure he described as testimony to our status today as a “BIG DEBTOR COUNTRY.”
Independent data reinforce this staggering trend and as of March 31 2025, Nigeria’s public debt was roughly ₦149.39 trillion (≈US$97.24 billion) with domestic debt accounting for about 52.72% and external debt around 47.28%.
Other analysts forecast the total debt could surge to ₦187.79 trillion by the end of 2025 according to the BUDGIT FOUNDATION. This is not static debt at a comfortable level, but an explosive borrowing, with debt-to-GDP ratios rising, debt-service burdens growing and the capacity for repayment shrinking.
2. Investor confidence in retreat:
Why do investors care? Because enormous sovereign borrowing sends chilling signals. The government is diverting capital away from GROWTH-ENHANCING investment into debt servicing.
Risk premiums rise. Lenders demand higher rates. Firms face crowding out.
The banking sector is bearing the strain, when the sovereign borrows from banks, those banks may lack the ability to lend to the private sector. In fact, the International Monetary Fund (IMF) cautioned that Nigeria’s reliance on domestic debt and oil are exposing it to financial stability risks. It warned that “interest payments in Nigeria have risen to above 30 % of government revenues, crowding out the private sector and limiting fiscal flexibility.”
Kristalina Georgieva, IMF Managing Director, put it plainly: “very high levels of debt suffocate economies.”
And Babalola’s observation is telling “most business companies from other countries do not want to invest in this debtor country.” By borrowing recklessly, Nigeria has sent a loud message to investors “We may not be able to fulfil our obligations.”
3. The looting & LACK-OF-DELIVERY narrative:
Borrowing in itself is not a sin; if it is used productively. But here’s the rub, what is on display to show for the massive borrowings under the APC government? The litany is familiar, oil-price dependency, subsidy burdens, recurrent expenditures rather than capital projects, STATE-GOVERNMENT borrowings to pay salaries.
An open letter to the Guardian warned:
“Many governors have borrowed massively to fund recurrent expenditures such as salaries. This culture of reckless borrowing without a clear repayment strategy has further worsened Nigeria’s economic vulnerabilities.”
That is the message; debt without transformation. Yielding little in terms of infrastructure for growth, jobs or sustainable revenue. And when the standard of living falls while debt rises, the population knows, the money was not used well or was not used at all. The APC-era borrowing spree now looks less like investment and more like a mortgaging of Nigeria’s future with nothing obvious to show.
4. Banking sector under pressure:
It is no coincidence that Babalola mentioned complaints from banks that the CBN is unable to honour government promissory notes. This reflects the “BANK-SOVEREIGN NEXUS” risk flagged by the IMF, where governments lean heavily on domestic banking systems to finance deficits, increasing systemic risk. When banks balance sheets are laden with sovereign debt instead of lending to entrepreneurs, small businesses shrink, job creation falters and the economy slows. Nigeria is already showing signs of this CROWDING-OUT effect, yet the borrowing continues.
5. Structural weaknesses amplified by debt:
Debt is not just a fiscal issue, it is STRUCTURAL. Nigeria remains overly dependent on oil revenues, which are volatile by nature. The IMF warns that this dependence combined with rising domestic debt poses a major threat to stability.
When revenues fluctuate and debt obligations remain fixed (or grow), liquidity crises loom. The loss of investor trust is amplified when MACRO-FUNDAMENTALS. are weak. In short, when you borrow because your economy cannot raise revenue, you dig the pit deeper.
6. Clear quotes to underscore the danger:
Afe Babalola “Our banks are complaining that the Central Bank is not honouring PROMISSORY NOTES, the federal government is in debt and cannot pay the Central Bank.”
IMF Director Abebe Aemro Selassie “We are now sitting in a situation where there are significant vulnerabilities, particularly in those countries where public debt is high and interest rates are high.” IMF Managing Director Kristalina Georgieva; “Very high levels of debt suffocate economies.”
These authoritative voices ring loud alarms and none are optimistic about Nigeria’s trajectory without urgent correction.
7. The hypocrisy of “progress” under APC:
Let us not mince words, the APC government promised prosperity. Instead, it has delivered indebtedness. Massive borrowing but little transparency. Fiscal responsibility but rampant deficit. Infrastructure promises but recurring expenditures. And now, the cost is being borne by ordinary Nigerians through inflation, declining public services, higher taxes, fewer jobs and the risk of being sold out in debt reschedules or bail-outs.
If the loans were honest, productive and accountable, perhaps the story would differ. But when you borrow and the harvest does not show up, you leave future generations to carry the burden.
8. What must be done—NO MORE ILLUSIONS:
a. Immediate debt-management discipline: Nigeria must stop borrowing for recurrent expenditures and ensure that any new loans are for growth-yielding investment.
b. Transparency & oversight: The National Assembly, Debt Management Office (DMO) and civil society must demand full account of how every borrowed naira was used. As analysts write: “over 80 % of government revenue is now allocated to servicing debts, leaving minimal funds for essential services.”
c. Economic diversification and revenue generation: Nigeria cannot continue chasing oil spikes. Non-oil sectors must be mobilised, tax bases broadened, and waste eliminated.
d. Protect the banking sector, free the private sector: Avoid feedback loops where sovereign borrowing starves the bank-loan channel to private business.
e. Investor-friendly reforms not just borrowed rhetoric: Restore confidence by honouring obligations (promissory notes, matured bonds), stabilising macro-economics and giving visible returns on borrowed capital.
9. Reality Check: A warning we cannot ignore:
The message from Afe Babalola is unambiguous, Nigeria is a debtor nation first, an investment destination second. The fact that “business companies from other countries do not want to invest in this debtor country” is a condemnation, not a prediction.
When a country borrows without visible returns, it mortgaging its sovereignty, weakening its CREDIT-STANDING and resigning its youth to unfulfilled promise. The APC may have the majority, but even the majority cannot hide the mounting liabilities. This is not partisanship (it is accountability. This is not panic) it is reality.
If nothing changes, we will not borrow our way to greatness. Instead, we will borrow ourselves into irrelevance.
The time to act was yesterday. If Nigeria fails to reform its debt habits now, the reckoning will come tomorrow, with far greater cost. And investors already see the warning signs. It is the government’s turn to act.
Published by SaharaWeeklyNG.com
Author: George Omagbemi Sylvester
society
Stakeholders Seek Urgent Reforms to Tackle Youth Unemployment at disrupTED EduKate Africa Summit
Stakeholders Seek Urgent Reforms to Tackle Youth Unemployment at disrupTED EduKate Africa Summit
By Ifeoma Ikem
Stakeholders in Nigeria’s education sector have called for urgent and scalable solutions to address the rising rate of youth unemployment, stressing the need for strengthened technical education and increased collaboration with the private sector to bridge existing skills gaps.
The call was made at the disrupTED EduKate Africa Summit 2026, a one-day leadership forum held at the University of Lagos, where participants examined the growing disconnect between education outcomes and labour market demands.
The summit brought together education leaders, private sector operators and development advocates to promote adaptive learning, practical skills acquisition and innovative financing models for Africa’s education sector.
Experts at the summit strongly advocated increased investment in technical and vocational education, noting that training programmes must reflect current industry realities and evolving labour market needs.
Speakers emphasised that Nigeria’s education system, particularly at the tertiary level, must urgently shift from certificate-driven learning to skills-based and experiential education aligned with global best practices.
Among the speakers were Deby Okoh, Regional Manager at Brunel University of London; Ashley Immanuel, Chief Operating Officer of Semicolon; Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation; and education advocate, Adetomi Soyinka.
The speakers highlighted the importance of continuous learning, teacher retraining and comprehensive curriculum reform to meet the demands of an increasingly technology-driven global economy.
They stressed that apprenticeship programmes, internships and hands-on training should be fully integrated into academic curricula, noting that over-reliance on theoretical qualifications has widened the employability gap among graduates.
In his remarks, Mr Tosin Adebisi, Director of EduKate Africa and convener of the summit, said the event was designed to challenge what he described as the education sector’s rigid attachment to outdated methods.
Adebisi said innovation must remain central to education reform, adding that stakeholders must rethink teaching methods, learning processes and approaches to solving challenges such as access to education, financing and employability.
He expressed confidence that sustainable solutions could be achieved through strong collaboration across education, private sector and development institutions.
Adebisi, alongside co-Director Mr Francis Omorojie, said the summit aimed at connecting stakeholders working across sectors to close existing skills and opportunity gaps for young people.
The summit also urged parents and educators to promote lifelong learning, critical thinking and adaptability among young people, stressing that education systems must evolve in line with global economic trends.
No fewer than 200 students from the University of Lagos, Lagos State University, Ojo, and other institutions participated in the summit, which was initially expected to host the Minister of Education, Dr Tunji Alausa.
In a welcome address, Prof. Olufemi Oloyede of the University of Lagos emphasised the need to shape young minds through innovation and positive thinking, noting that Africa’s development depends on the strategic use of its human and natural resources, as well as a shift towards creativity and innovation among youths.
Turning Point: Dr. Chris Okafor Resumes with Fresh Fire of the Spirit
-Steps onto the Grace Nation Pulpit After a Month-Long Honeymoon Retreat with Renewed Supernatural Power
By Sunday Adeyemi
The much-anticipated February 1, 2026 “Turning Point” service of Grace Nation has come and gone, but its impact remains deeply etched in the hearts of Grace Nation citizens across the world. The significance of the day was unmistakable—it marked the official return of the Generational Prophet of God and Senior Pastor of Grace Nation Global, Dr. Chris Okafor, to active ministerial duty as the Set Man of the commission.
The date was particularly symbolic, as Dr. Okafor had taken close to one month away from the pulpit following his wedding late last year. The period served not only as a honeymoon but also as a season of rest, reflection, and intimate fellowship with God in preparation for a greater spiritual assignment ahead.
The atmosphere at Grace Nation was electric as the Generational Prophet and his wife were received with a heroic welcome, accompanied by prophetic praise, joyful dancing, and fervent prayers. It was a celebration of return, renewal, and readiness.
In his opening remarks, Dr. Chris Okafor declared that he had returned to fully pursue the mandate God entrusted to him—winning souls for the Kingdom of God. He issued a strong warning to the kingdom of darkness, stating that light and darkness cannot coexist. According to him, the season ahead would witness intensified spiritual engagement, as the Kingdom of God advances and the forces of darkness lose ground.
“This time,” the Generational Prophet affirmed, “it will be total displacement of darkness, as the light of God shines brighter than ever.”
The Message: Turning Point
Delivering a powerful sermon titled “Turning Point,” Dr. Okafor explained that a turning point is defined as a moment when a decisive and beneficial change occurs in a situation. He emphasized that such moments are often preceded by battles.
According to him, battles do not necessarily arise because one is doing wrong, but because God desires to reveal His power and teach vital lessons through them. Every genuine battle, he noted, carries divine involvement and purpose.
Addressing the question “Why must I fight a battle?” Dr. Okafor explained that individuals who carry extraordinary grace often encounter greater challenges. “When you carry what others do not carry,” he said, “the battles that come your way are usually bigger.”
Characteristics of a Turning Point
The Generational Prophet highlighted that when a person is firmly rooted in God, no storm can uproot them. A strong spiritual foundation ensures that no battle can shake one’s destiny. He explained that prayer does not eliminate battles, but preparation through prayer guarantees victory on the evil day.
“Battles push you into your turning point when you are rooted in the Spirit,” he stated, adding that a prayerful life is essential for sustained victory and elevation.
A Supernatural Service
The Turning Point service witnessed an extraordinary move of the Holy Spirit in a fresh dimension. Deliverance, healings, miracles, restoration, and diverse testimonies filled the atmosphere as worshippers encountered the power of God during the Sunday service.
In a related development, Dr. Chris Okafor officially commissioned the ultra-modern church restaurant, Fourthman Foodies, dedicating it to God for the benefit and use of Grace Nation citizens worldwide.
The February 1 service has since been described by many as a defining moment—one that signals a new spiritual season for Grace Nation Global. https://www.facebook.com/share/v/1B2Eh6B6wo/
Sunday Adeyemi is a Lagos-based journalist and society writer. He writes from Lagos.
Adron Homes Hails Ondo State at 50, Celebrates Legacy of Excellence
The Chairman, Board of Directors, Management, and staff of Adron Group have congratulated the Government and people of Ondo State on the celebration of its 50th anniversary, describing the milestone as a significant chapter in Nigeria’s federal history and a testament to visionary leadership, resilience, and purposeful development.
In a goodwill message issued to commemorate the Golden Jubilee, Adron Group noted that since its creation in 1976, Ondo State has consistently distinguished itself as a centre of honour, intellect, and enterprise. Fondly referred to as The Sunshine State, the state has produced generations of outstanding professionals, administrators, and national leaders whose contributions continue to shape Nigeria’s socio-economic and political development.
According to the company, the strength of Ondo State lies not only in its rich cultural heritage and intellectual depth, but also in the values of integrity, diligence, and excellence that define its people. These qualities, Adron noted, have remained the bedrock of the state’s enduring relevance and national impact over the past five decades.
Adron Group further commended the state’s renewed drive in recent years towards infrastructure development, economic diversification, industrial growth, and youth empowerment, describing these initiatives as indicators of a forward-looking, inclusive development agenda anchored in sustainability and long-term prosperity.
“As a corporate organisation committed to nation-building and sustainable development, Adron Group recognises Ondo State as a strategic partner in progress,” the statement read. “We commend His Excellency, Lucky Orimisan Aiyedatiwa, Executive Governor of Ondo State, and the leadership of the state at all levels for their dedication to public service and their commitment to the advancement of the people.”
As Ondo State marks its Golden Jubilee, Adron Group joined millions of well-wishers in celebrating a legacy of excellence, strength of character, and promise, while expressing optimism that the next fifty years will usher in greater milestones in economic vitality, social advancement, innovation, and enduring peace.
The company concluded by wishing the Government and people of Ondo State continued progress and prosperity, adding that the Sunshine State remains well-positioned to shine even brighter in the years ahead.
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