₦152T. ₦724K per Nigerian. That’s not the story. The story is: what is it building? Debt on its own isn’t the problem. Debt without power, infrastructure, or returns is. Shift the question from “how much we owe” to “what we’re unlocking.”
How serious economies use debt:
Fund productive infrastructure: Roads, ports, power plants that expand GDP
Unlock private capital: De-risk projects so pension funds and FDI can follow
Generate measurable economic returns: Every naira borrowed should grow the pie, not just service interest
✅ Good Debt Looks Like:
Lagos-Ibadan Rail: ₦1.5T loan → 156km standard gauge → Tollable asset → Cuts freight cost 40%
Zungeru Hydro: ₦350B → 700MW to grid → Powers 2M homes → Revenue-generating
NLNG Train 7: Project finance, not sovereign → $10B private capital unlocked → FX earnings
❌ Bad Debt Looks Like:
Fuel Subsidy Borrowing: $10B/year pre-2023 → Burned, no asset → Paid by future taxes
Abandoned Projects: East-West Road, Ajaokuta Steel → ₦ trillions sunk → Zero ROI, still borrowing to “complete”
Ways & Means: CBN overdraft to FG → Short-term, inflationary → No infrastructure, no returns
