These policies, which the IMF and World Bank often recommend, have proven counterproductive in many developing countries.
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As of the first quarter of 2024, Nigeria’s total public debt stood at an alarming N121.67 trillion. This includes both domestic and external debt, with domestic debt at N65.65 trillion and external debt at N56.02 trillion. The Federal Government owes a staggering N111.52 trillion, while state and local governments contribute the remaining N10.15 trillion. This unsustainable debt load is not only causing immediate financial strain but also undermining long-term development efforts.
These investments could have sparked economic growth, generated employment, and improved the lives of millions. Yet, Nigeria finds itself continually diverting its resources toward servicing interest payments, rather than funding these much-needed projects.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.
These policies, which the IMF and World Bank often recommend as part of their neoliberal approach to managing debt, have proven counterproductive in many developing countries. Instead of fostering growth, they have deepened poverty, particularly for vulnerable populations who have no buffer against rising inflation and reduced social services.
At the same time, Nigeria’s government must adopt more prudent fiscal policies. Like individuals who avoid unnecessary debt, the government must prioritise “good debt” — loans taken for productive investments that can generate returns — while avoiding “bad debt” that does not result in tangible economic benefits.
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