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
Police Officers Detained as Family Property Dispute Sparks Demolition Controversy in Lagos
Police Officers Detained as Family Property Dispute Sparks Demolition Controversy in Lagos
By Ifeoma Ikem
A property dispute within the Omotayo-Ojo family has taken a dramatic turn following a controversial demolition exercise at a residential building in Ikosi-Ketu, Lagos State, which reportedly left tenants displaced and led to the detention of some police officers allegedly involved in the operation.
The property, located at 23B Loveall Street, Ikosi-Ketu, has been the subject of a prolonged ownership tussle since the death of its owner, Chief Oludola Omotayo Ojo, the Babaalaje of Imesi-Ile, Osun State, in 2019.
Residents said tension erupted when a group of individuals, accompanied by security operatives, stormed the premises and commenced demolition activities.
According to eyewitnesses, portions of the building were pulled down while tenants rushed to salvage their belongings from affected apartments.
The residents alleged that windows, doors and roofing sheets were damaged during the exercise, exposing parts of the building to the elements and causing significant losses to occupants.
At the centre of the dispute is Mrs Mojisola Omotayo Ojo Alolagbe, who claimed that the property was allocated to her by her late father during his lifetime as a source of financial support.
She alleged that some family members had persistently challenged her ownership claim despite ongoing legal proceedings relating to the administration of the deceased’s estate.
Alolagbe further claimed that the latest incident was part of a series of attempts to wrest control of the property, citing previous cases of alleged vandalism and partial demolition in November 2025, January 2026 and February 2026.
The situation escalated further when reports emerged that police officers allegedly involved in the demolition were later apprehended and conveyed in a Black Maria vehicle over questions surrounding the legality of their participation in the operation.
Sources familiar with the matter said those behind the demolition had initially claimed to be acting on approval from the Lagos State Ministry of Lands. However, the authenticity and extent of such approval could not be independently verified as of the time of filing this report.
The development has generated concern among residents and community members, who questioned the involvement of security personnel in what they described as a civil matter.
Some tenants, who said they had recently renewed their tenancy agreements, lamented the destruction of their property and appealed to the authorities for protection and possible compensation.
They also called for a thorough investigation into the circumstances surrounding the demolition, insisting that the rights of all parties involved should be protected.
Stakeholders have urged the Lagos State Government, security agencies and the judiciary to intervene and ensure that the dispute is resolved through lawful means to prevent further escalation.
The controversy has continued to draw public attention, raising concerns over property rights, estate administration and the role of law enforcement agencies in civil disputes.
society
UKA Gears Up for Final ATC Exchangeability Test Run as June Preparations Begin
UKA Gears Up for Final ATC Exchangeability Test Run as June Preparations Begin.
May 30, 2026 – As the month of June gathers momentum, the *United Kingdom of Atlantis, UKA*, a sovereign nation has unveiled a series of vital guidelines and preparatory packages to ensure citizens and stakeholders run the *ATC Exchangeability* process effectively.
In an official update, the *President of Atlantic Crown Limited, Empress of Attica Empire UKA*, confirmed that the *Final Test Run of ATC Exchangeability* is scheduled for the month of June 2026. The exercise marks a key phase ahead of the *Official Exchangeability Window, set to run from July 2026 to February 2027*.
### Key Highlights from the Presidential Briefing
1. *Final Test Run – June 2026*
The test run is designed to validate systems, procedures, and user readiness before full activation. Citizens, partners, and designated participants are urged to follow all official advisories released by UKA authorities during this period.
2. *Official Exchangeability Period*
Following the successful completion of the June test run, the Official Exchangeability will commence in july 2026 and we are Expecting Full Exchange ability between July Ending, 2026 to February 2026.
UKA stated that detailed schedules, eligibility requirements, and step-by-step instructions will be communicated progressively through verified UKA channels.
3. *Benefiting Packages for June*
In line with UKA’s commitment to citizen empowerment, the month of June will feature “benefiting packages” aimed at education, preparation, and seamless onboarding. These packages are intended to equip the people of UKA with the knowledge and tools needed for effective participation.
4. *Commitment to Transparency*
Addressing the nation, the Empress of Attica Empire UKA emphasized:
_“Final Test Run of ATC Comes up in The Month of June, As We Prepare For The Official Exchangeability, Between July 2026 To Feb 2027. All Information Will Be Communicated.”_
UKA reaffirmed that only information released through official UKA platforms should be regarded as authoritative.
The United Kingdom of Atlantis is encouraging all citizens, representatives, and interested parties to remain alert to official communications, attend designated orientation sessions, and avoid unofficial sources. UKA’s dedication to order, clarity, and the collective benefit of its people as the nation moves into this significant phase.
For updates, advisories, and participation guidelines, citizens are advised to monitor official UKA communication channels.
United Kingdom of Atlantis, UKA, is a sovereign nation, committed to national development, citizen welfare, and structured economic participation through initiatives such as ATC Exchangeability.
society
Three Years On, General Buratai Hails Tinubu’s Economic, Security Achievements
Three Years On, General Buratai Hails Tinubu’s Economic, Security Achievements
Former Chief of Army Staff, Lt. Gen. Tukur Buratai (retd.), has commended President Bola Ahmed Tinubu for what he described as bold economic reforms and improved security efforts as the President marks three years in office.
In a goodwill message on Thursday to commemorate Tinubu’s third anniversary as President and Commander-in-Chief of the Armed Forces, Buratai said the administration had taken courageous decisions that would leave a lasting impact on Nigeria’s development.
According to him, President Tinubu broke a long-standing cycle that had hindered national growth by removing fuel subsidy and implementing foreign exchange reforms aimed at stabilising the naira and strengthening the economy.
He noted that the reforms were beginning to yield positive results, citing the global acceptance of Nigerian debit cards, the gradual revival of local refineries, access to student loans, and ongoing road and infrastructure projects across the country.
“The FCT Administration has also recorded remarkable progress, completing major road projects that remained unfinished for over 16 years,” Buratai stated.
The former army chief also praised the administration’s security efforts, saying renewed military offensives against insurgents, terrorists and bandits had led to notable successes across various parts of the country.
He specifically lauded recent joint operations involving Nigerian and United States forces against Boko Haram and ISWAP in the North-East, as well as intensified counter-banditry operations in the North-West.
“We have seen notorious ISWAP commanders being neutralised. I congratulate the Commander-in-Chief, the Minister of Defence, the Chief of Defence Staff, the Service Chiefs, the Inspector-General of Police and heads of intelligence agencies for their efforts,” he said.
Buratai, however, acknowledged that challenges remained, stressing the need for more aggressive military operations and intelligence-driven strategies in the coming year.
While urging Nigerians to remain hopeful, he said celebrating the President’s achievements did not amount to ignoring the difficulties facing the nation.
“Because you truly care, you have shown the courage to trade short-term comfort for long-term hope. Nigerians need your reassurances, and that is why we remain optimistic and full of confidence,” he added.
The retired military officer reaffirmed his support for the Tinubu administration and expressed confidence that the foundation being laid by the government would deliver a brighter future for the country.
He also prayed for God’s guidance, wisdom, strength and good health for the President as he continues to lead Nigeria.
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