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
Wisdom of a Mature Believer: Don’t Judge What You Don’t Know — Dr. Chris Okafor
“To provoke mercy, keep sowing mercy.”
Mercy is often defined as compassion shown to someone who deserves punishment. It is the conscious decision to forgive when one has the power to condemn.
This formed the core of the message delivered by the Generational Prophet of God, Christopher Okafor, during the Grace Nation Glorious Sunday Service held at the international headquarters of Grace Nation Worldwide in Ojodu Berger, Lagos, Nigeria.
The Act and Power of Mercy
Preaching on the topic “The Act and Power of Mercy,”
Dr. Okafor emphasized that mercy is the believer’s escape from judgment. Referencing Psalm 136:1–20, he explained that mercy does not appear randomly; it is activated by deliberate spiritual actions and attitudes.
According to him, many people forfeit divine privileges because they are quick to judge.
A mature believer, he warned, must resist rushing to conclusions. In some cases, what appears to be clear evidence may not reflect the full truth.
“Don’t judge what you do not fully understand,” he cautioned, stressing that premature judgment can shut the door to mercy.
What Provokes Mercy?
Dr. Okafor outlined key spiritual principles that activate divine mercy:
Prayer
Prayer in deep and sincere dimensions attracts mercy. At the throne of grace, God considers the petitions of those who remain committed to Him. Even when a believer falls short, consistent prayer and kingdom partnership can move God to show mercy.
Total Repentance
Acknowledging wrongdoing and genuinely turning away from it provokes mercy. When a person presents their case before God with sincere repentance, divine compassion is released.
Sowing Mercy
Mercy operates like a seed. What a person sows is what they reap. Showing compassion, forgiveness, and kindness to others creates a harvest of mercy in return.
Unjust Hatred
Dr. Okafor also noted that when individuals are hated without cause, God may respond with mercy and divine elevation. What others fail to see in a person, God recognizes.
Conclusion
In closing, the Generational Prophet reiterated that mercy is both a principle and a harvest.
“To provoke mercy,” he declared, “keep sowing mercy.”
The service was marked by strong prophetic manifestations, including testimonies of deliverance, miracles, healings, restoration, and solutions to diverse challenges presented before God.
The Glorious Sunday Service concluded with a special thanksgiving celebration by members born in the month of February.
Sunday Adeyemi writes from Lagos
society
NOVO Announces Spring 2026 Launch: The World’s First Diamond-Backed Digital Currency and Wealth Platform Devoted to Feeding Africa
NOVO Announces Spring 2026 Launch: The World’s First Diamond-Backed Digital Currency and Wealth Platform Devoted to Feeding Africa
February 2026 — NOVO, an emerging global leader in diamond manufacturing, crypto‑banking, and ethical wealth management, today announced the upcoming Spring 2026 launch of NOVO Coin, the world’s first digital currency fully backed by certified, lab‑grown, cut, and polished diamonds stored in secure vaults in Singapore and Switzerland.
Designed for stability, transparency, and humanitarian impact, NOVO represents a new class of asset‑backed digital currency engineered to serve both global markets and vulnerable economies facing inflation, currency instability, and limited access to banking.
A Currency With a Mission: Feeding a Continent.
In a groundbreaking commitment, NOVO has pledged 50% of all corporate profits to support nonprofit micro‑finance organizations across Africa that specialize in food production, farming, fishing, and sustainable agriculture.
This initiative aims to:
Expand access to affordable capital for small and mid‑scale food producers
Strengthen local food systems and reduce dependency on imports
Dramatically lower grocery prices across African markets
Build long‑term economic resilience for millions of families
NOVO’s leadership believes that empowering Africa’s farmers and food‑producing cooperatives is the fastest path to stabilizing regional economies — and ultimately driving down global food prices.
Diamond‑Backed Stability for a Volatile World
Unlike speculative tokens or inflation‑prone fiat currencies, every NOVO Coin is backed by real, verifiable diamond reserves, manufactured through advanced laboratory processes and held in audited international vaults.
This structure provides:
Intrinsic value tied to a globally recognized commodity
Transparency through third‑party reserve verification
Security via geographically diversified vaults
Long‑term price stability for users and institutional partners
NOVO’s diamond‑reserve system is designed to offer a safe, durable alternative for nations and communities seeking protection from currency devaluation.
A Full‑Spectrum Financial Ecosystem
Beyond the currency itself, NOVO is launching a vertically integrated platform that includes:
Diamond manufacturing and certification
Crypto‑banking and digital asset management
Wealth management and life‑insurance services
Humanitarian micro‑finance distribution channels
This unified ecosystem positions NOVO as one of the first fintech institutions to combine commodity‑backed digital currency with large‑scale social impact.
A New Era of Ethical Finance
“NOVO was built on a simple belief: a currency should serve the people who use it,” said the organization’s founder. “By backing NOVO with diamonds and dedicating half of our profits to African food producers, we are proving that financial innovation and humanitarian responsibility can — and must — coexist.”
Spring 2026: A Global Debut
NOVO Coin will be available to the public in Spring 2026, with early institutional partnerships already underway across Africa, Asia, and the Caribbean.
For more information. Here is the organizations website TOPOFTHEPYRAMID.org
Tinubu Mourns Rear Admiral Musa Katagum: A National Loss for Nigeria’s Military Leadership
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“President Tinubu Pays Tribute as Nigeria’s Naval Command Mourns the Sudden Loss of a Strategic Maritime Leader at a Critical Security Juncture.”
Abuja, Nigeria – President Bola Ahmed Tinubu has officially mourned the death of Rear Admiral Musa Bello Katagum, the Chief of Naval Operations of the Nigerian Navy, who died on February 19, 2026, after a protracted illness while receiving treatment abroad. His passing has sent ripples through Nigeria’s defence establishment and national security architecture, marking the loss of one of the most experienced and respected maritime commanders in recent memory.
In a statement released on February 20, 2026 by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu described Rear Admiral Katagum’s death as a “significant blow to the military and the nation,” noting the late officer’s vast experience and “invaluable contributions” to both the Nigerian Navy and the broader “Armed Forces of Nigeria”. The President extended heartfelt condolences to the bereaved family, naval personnel and the nation at large, while praying for solace and strength for colleagues and loved ones.
Rear Admiral Katagum’s career was marked by distinguished service in several strategic capacities. Before his appointment as Chief of Naval Operations in November 2025, he served as Director of the Presidential Communication, Command and Control Centre (PC4) and Chief of Intelligence of the Nigerian Navy-roles that placed him at the nexus of naval operational planning and intelligence gathering. His leadership was widely credited with enhancing the Navy’s capacity to respond to growing maritime threats in the Gulf of Guinea, including piracy, illegal bunkering, and transnational crime.
Security policy experts emphasise that Katagum’s loss comes at a critical juncture for Nigeria. Dr. Adebola Akinpelu, a defence analyst at the Institute for Security Studies, observes that “Nigeria’s maritime domain remains a frontline in the broader security challenges facing the nation; the loss of an adept operational leader like Rear Admiral Katagum is not just a personnel change but a strategic setback.” His insight reflects broader concerns about continuity in military leadership amid intensifying threats.
The Nigerian Navy’s own statement, confirmed by the Directorate of Naval Information, affirmed that Katagum’s “exemplary leadership, strategic insight, and unwavering loyalty” were central to boosting operational readiness and national defence. According to Captain Abiodun Folorunsho, the Director of Naval Information, “His legacy remains a source of inspiration across the services.”
As Nigeria grapples with complex security landscapes at its land and maritime frontiers, the death of Rear Admiral Katagum underscores a broader national imperative: strengthening institutional capacities while honouring the service and sacrifice of those who defend the nation’s sovereignty. In the words of military scholar Professor James Okoye, “Leadership in security institutions is not easily replaceable; it is built through experience, trust and strategic clarity; qualities that Katagum embodied.”
Rear Admiral Musa Katagum has since been laid to rest in accordance with Islamic rites, leaving behind a legacy that will inform Nigerian naval operations for years to come.
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