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
Taskforce Chairman: Akerele Adetayo. An impressive achievement marked by exceptional thoroughness
Taskforce Chairman: Akerele Adetayo. An impressive achievement marked by exceptional thoroughness
…A considerable monumental stride without blemishes
~By Oluwaseun Fabiyi
The one-on-one meeting with the Taskforce Chairman was a remarkable and unforgettable experience.
*How familiar are you with CSP Adetayo Akerele’s leadership as Chairman of the Lagos Task Force?*
_*Oluwaseun Fabiyi, publisher of Bethnews Media magazine and online, had a recent encounter with Akerele Adetayo that will shed more light on his achievements and good standing; we invite you to listen attentively*_
As Chairman of the Lagos State Environmental and Special Offences Enforcement Unit (Taskforce), Akerele Adetayo, an extraordinary CSP and trustworthy police officer, remains a beacon of excellence, mirroring greatness through his benevolent heart and unwavering commitment to superior service standards in Lagos and its environs
Without a doubt, Akerele Adetayo, the former 2iC Taskforce and pioneer LAMATA Commander turned Chairman of the Lagos State Taskforce, has solidified his standing as a highly effective and accomplished commander in the Nigerian Police Force, recognized for his impressive stride and visionary leadership.
CSP Adetayo Akerele’s career advancement has been grounded in his meticulous approach to duty and commitment to delivering results, which has distinguished him among his peers. As Chairman of the Lagos Environmental and Special Offences Enforcement Unit Taskforce, he has established a functional compliance desk that promotes seamless interaction with the public and enables effective response strategies
CSP Akerele Adetayo’s professional trajectory in journalism has garnered substantial admiration and a distinguished reputation among media practitioners across print and electronic media, complemented by his specialized knowledge in security and digital strategy, which has critically shaped the orientation of the Lagos State Taskforce
As Chairman of the Lagos State Task Force since 2024, he has consistently upheld the core mandate of delivering exceptional security services to citizens, ensuring peace, order, and internal security across the state, built on a foundation of professionalism, strong public relationships, effective teamwork, and unwavering accountability. Under the leadership of CSP Adetayo Akerele, the Lagos State Environmental and Special Offences Enforcement Unit Taskforce has achieved notable success in leveraging advanced technology while maintaining exemplary standards of individual appearance, conduct, and professionalism.
Akerele Adetayo’s exceptional dedication to service excellence has earned him numerous accolades for his outstanding contributions to the Lagos Taskforce unit and the Nigerian police force at large, in recognition of his professionalism and exemplary service
As the Chairman of the Lagos Taskforce unit, his active participation in every activity underscores a broader commitment to the agency’s structural growth. His consistent and prompt approach emphasizes execution and maximum security protection for the safety of the masses, as he fosters a teamwork network of assets that drive the agency’s growth and accessibility.
Note Bethnews Media shall provide its exceptional wisdom exhibited in the forthcoming article.
Oluwaseun Fabiyi, a seasoned journalist based in Lagos, reports.
society
Postings Are Not Optional: Why The Police Must Reassert Discipline Over Transfer Resistance
Postings Are Not Optional: Why The Police Must Reassert Discipline Over Transfer Resistance
In recent days, a wave of commentary across sections of the media has sought to cast routine police postings in a controversial light, particularly within Zone 2 Command of the Nigeria Police Force, which oversees Lagos and Ogun States. At the heart of the narrative is a claim misleading at best that the redeployment of officers from the zone is either improper or should be resisted.
This framing deserves closer scrutiny, not just for what it says, but for what it risks encouraging.
Postings and transfers are not punitive tools; they are essential administrative instruments in policing worldwide. They ensure operational balance, prevent the entrenchment of interests, and promote a fair distribution of manpower across commands. In a country as vast and complex as Nigeria, where some divisions grapple with acute personnel shortages, the ability of police leadership to deploy officers where they are most needed is not just lawful it is indispensable.
Attempts to portray transfers as “illegal” or unjustifiable undermine this fundamental principle. No command, regardless of its perceived strategic importance, can be treated as an exception to the rules that govern the wider institution. To do so would create a dangerous precedent one where postings are dictated not by operational necessity, but by preference, influence, or resistance.
The idea of 845 plus Senior Police Officers alone in Zone 2 Police Command is a thing of worry and it’s certain that the junior officers number would be nothing more than thrice of that of the SPOs. The newly posted and promoted AIG in charge of the Zone should be swift and decisive. The Nation is waiting.
More concerning, however, is the growing tendency to escalate internal administrative matters into the public domain. While transparency is vital in public institutions, there is a clear distinction between accountability and the externalization of internal processes in ways that may erode discipline. Policing, by its very nature, relies on a structured chain of command. When that structure is weakened whether through public pressure, media campaigns, or external influence the consequences extend beyond internal order to overall effectiveness.
There are also broader operational questions that cannot be ignored. Reports of disproportionate personnel concentration in certain formations, set against a backdrop of manpower shortages in many parts of the country, point to the need for deliberate and strategic redeployment. Ensuring that officers are equitably distributed is not merely an administrative exercise; it is central to improving response times, strengthening community policing, and enhancing national security outcomes.
It is equally important to acknowledge the role of the media in shaping public perception. Journalism remains a critical pillar of democracy, but with that role comes responsibility. Narratives that inadvertently legitimise resistance to lawful directives risk doing more harm than good, particularly in a disciplined service where cohesion and obedience to command are non-negotiable.
None of this diminishes the importance of officer welfare or the need for fair and transparent posting policies. Indeed, a well-managed transfer system must take into account both operational demands and human considerations. However, these concerns are best addressed within established institutional frameworks—not through pressure campaigns or attempts to influence outcomes from outside the system.
At its core, this moment presents a test of institutional resolve. The leadership of the police must balance empathy with firmness, ensuring that decisions are guided by the collective good rather than individual interests. Upholding the integrity of postings is not simply about moving personnel; it is about reinforcing the principles that sustain discipline, professionalism, and public trust.
A police force that cannot enforce its own internal directives risks sending the wrong message—not just to its officers, but to the citizens it serves. Conversely, a force that stands by its processes, applies its rules fairly, and communicates its decisions clearly strengthens its legitimacy.
In the end, the issue is not about one command or one set of officers. It is about preserving the institutional backbone of policing itself.
Akindele Adegebo writes from Lagos.
society
4 BRIGADE EMERGES OVERALL CHAMPION OF 2 DIVISION INTER-BRIGADE CORPORALS AND BELOW COMPETITION 2026 IN BENIN
4 BRIGADE EMERGES OVERALL CHAMPION OF 2 DIVISION INTER-BRIGADE CORPORALS AND BELOW COMPETITION 2026 IN BENIN
4 Brigade, Nigerian Army, on Thursday, 23 April 2026, emerged overall champion of the 2 Division Inter-Brigade Corporals and Below Competition 2026, which was held from 20 to 23 April 2026. The competition was hosted by 4 Brigade at the Nigerian Army Cantonment, Ekehuan, in Benin City.
In his welcome address, the Commander 4 Brigade, Nigerian Army, Brigadier General Ahmed Balogun, disclosed that the competition is designed to improve combat proficiency, leadership skills, organizational ability, teamwork, endurance, and to promote esprit de corps among soldiers of junior ranks. He added that it also challenges their initiative and prepares them for higher responsibilities.
He noted that the competition is not just about winning or losing, but about fostering a spirit of unity, resilience, and continuous improvement. “It provides a platform for sharing knowledge, learning from one another, and building stronger bonds within our ranks. The lessons learned and the experiences shared here will undoubtedly enhance our operational effectiveness and strengthen our team spirit,” he said. He further appreciated the General Officer Commanding (GOC) 2 Division, Major General Chinedu Nnebeife, for the confidence reposed in the Brigade to host this year’s Corporals and Below Competition, as well as for his commitment to improving training and the welfare of personnel.
In his closing remarks, the Special Guest of Honour, the Commandant, Nigerian Army School of Supply and Transport, Major General Adebayo Adegbite, expressed satisfaction that the objectives of the competition had been largely achieved. He stated that he had no doubt that the various events contested by the formations had significantly improved their physical and mental capacity, enhanced leadership traits, and strengthened organizational ability, while also preparing them for operational engagements in view of the current security challenges confronting the nation.
He further charged participants to take back to their respective formations the experience and knowledge gained during the competition and translate them into remarkable achievements in the field for the benefit of their formations and the Nigerian Army at large.
He also expressed profound gratitude to the Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu NAM, for his unwavering commitment to the development of junior non-commissioned officers, whom he described as the backbone of the Army. He added that 2 Division remains grateful for the COAS’s strategic guidance and support. He also commended the planning team for ensuring that the competition was fair, challenging, and reflective of real-world operational standards.
The 2026 edition of the 2 Division Inter-Brigade Corporals and Below Competition featured events such as drill competition, combat swimming, map reading, weapon handling and firing, combat cross-country race, and obstacle crossing. Participating formations included 4 Brigade, 12 Brigade, 22 Armoured Brigade, 32 Artillery Brigade, 42 Engineers Brigade, and 2 Division Garrison. At the end of the competition, 4 Brigade, emerged overall champion, while 12 Brigade, and 2 Division Garrison, came second and third respectively.
The ceremony was graced by heads of security agencies in Edo State, as well as friends of the Brigade. Highlights of the closing ceremony included obstacle crossing competition among formations, presentation of awards, souvenirs, and group photographs.
*KENNEDY ANYANWU*
Captain
Assistant Director Army Public Relations
4 Brigade Nigerian Army
Benin City
24 April 2026
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