We Are Not Broke, We Just Prefer Borrowing
Welcome to Nigeria, the only country where being broke is a leadership style, and borrowing is a governance strategy. Here, debt isn’t a red flag, it’s a badge of honor, worn proudly by those who shout “fiscal responsibility” while signing loan agreements with pens borrowed from China.
Every time you ask:
“Where’s the money?”
They reply:
“Don’t worry, it’s coming. We’ve secured a facility.”
Facility! That’s the new name for debt. They no longer call it a loan — they baptize it: intervention fund, liquidity support instrument, budgetary harmonization stimulus. Omo, even debt is now suffering identity crisis.
The Minister of Finance, always fresh from one debt negotiation summit in Paris, appears on NTA in gele taller than national GDP growth, and says:
“Nigeria’s debt is sustainable. We have strong macroeconomic fundamentals.”
Strong gini? Madam, even Jollof rice is no longer fundamental in the average Nigerian kitchen. Indomie is now luxury cuisine.
Let’s get expository.
As of today, Nigeria proudly spends a jaw-dropping ₦13.7 trillion per year — not to repay loans o, but just to settle interest. That’s right, we’re not even touching the principal; it’s lounging somewhere in heaven, sipping palm wine with the ancestors. It’s called “debt servicing”, but really, it’s like renting your own problems.
In 2024, we actually earned just about ₦15 trillion in total revenue (Nigerian Tribune, 2024). But before the ink dried on that figure, ₦13.7 trillion had already been wired out to creditors, leaving barely crumbs for governance (BudgIT Foundation, 2024; DMO, 2025). That’s over 85% of everything we made — swallowed by loans we may never fully understand, let alone repay.
The Debt Management Office (DMO) did their best to sound diplomatic, but even spreadsheets can’t lie: $2 billion went into external debt servicing in just four months (Punch, 2025). Meanwhile, our total public debt hit ₦134.3 trillion by Q2 2024 (Nairametrics, 2024), and thanks to the naira’s continued acrobatics, it ballooned to nearly ₦150 trillion in early 2025 (BusinessDay, 2025).
According to BusinessDay Intelligence (2025), our revenue-to-debt service ratio has collapsed like a three-legged stool in a flood. We’ve mastered the art of borrowing to pay interest on past borrowings, while leaving hospitals, schools, and pensioners at the mercy of budget “shortfalls.”
But don’t worry, there’s “hope” — as usual. In Q1 2025, the Federal Government raked in ₦6.9 trillion — a 40% leap from Q1 2024 (Arise TV, 2025; Nigerian Tribune, 2024). Promising? Maybe. But with a 2025 budget of nearly ₦55 trillion, we’re essentially using borehole buckets to drain an ocean.
And yet, our leaders move with confidence. They approve convoys and private jets, while schools lack chalk. They commission “legacy projects” that exist only in PowerPoint. If budgeting was a talent show, Nigeria would win Best in Fictional Finance.
Even the World Bank has stopped explaining. They now watch us like reality TV — confused, entertained, and occasionally horrified.
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Until we unplug this Federal Paylater Economy, Nigeria’s future will remain what it currently is:
a motivational poster pasted on a wall of unpaid loans.
Until Nigeria checks into economic rehab and stops this “Buy Now, Cry Later” borrowing lifestyle, our development story will remain what it currently is — a motivational quote with no budget.
And at this point, even the IMF is squinting at us like,
“Shey you people are joking with global finance?”
Yes.
Yes, we are.
So what’s left for:
- Education? Potholes and chalk.
- Health? Generator and drip.
- Security? Prayer warriors and vigilante boys with catapults.
But they’ll still tell you:
“We borrowed to finance critical infrastructure.”
Which infrastructure, oga?
- The road to the village of the Senate President that’s been under construction since Shagari?
- The phantom refinery that drinks budget yearly but hasn’t refined one liter of palm oil?
- The “smart city” built with 2G network and hope?
Even more annoying — the borrowed money ends up in:
- ₦350 million “capacity building” seminars at Transcorp Hilton.
- ₦600 million “empowerment” where they share ₦70k to 40 youths and disappear.
- ₦1.2 billion “digital skills training” where facilitators can’t open Gmail.
And don’t forget:
“₦50 billion for debt refinancing.”
Wait, we’re borrowing money… to pay back borrowed money?
This is not an economy; it’s Ponzi governance.
Ask them why we’re borrowing again, and they’ll say:
“America is also in debt.”
Ah! So because America owes, you too must owe?
America owes in dollars and builds highways.
You owe in naira and build billboards that say “We are working.”
Even worse, when the debt is approved, they celebrate like they just won World Cup:
- There’s a press conference.
- Ribbon cutting.
- And Twitter threads with graphs no Nigerian understands.
Yet, the only thing that grows is:
- Inflation.
- Unemployment.
- And the waistlines of public officials.
By the time repayment is due, another administration will enter and say:
“It wasn’t us. We inherited a debt burden.”
Yes, the same debt burden they lobbied to inherit.
So, to be clear:
We are not broke. We are just professionally indebted.
In fact, our leaders are so used to borrowing, they’ll soon take a loan to fund their apology for borrowing.
References
Arise TV, 2025. Federal Government generated ₦6.9 trillion revenue in Q1 2025, says Wale Edun. [online] Available at: https://www.arise.tv/federal-government-generated-n6-9-trillion-revenue-in-q1-2025-says-wale-edun/ [Accessed 23 Jul. 2025].
BudgIT Foundation, 2024. Nigeria’s Debt Crisis: How did we get here? [online] Available at: https://budgit.org/nigerias-debt-crisis-how-did-we-get-here/ [Accessed 23 Jul. 2025].
BusinessDay, 2025. Weaker naira pushes Nigeria’s debt to nearly ₦150 trn. [online] Available at: https://businessday.ng/news/article/weaker-naira-pushes-nigerias-debt-to-nearly-n150trn/ [Accessed 23 Jul. 2025].
BusinessDay Intelligence, 2025. FG revenue-to-debt service ratio hits four-year low. [online] Available at: https://businessday.ng/news/article/weaker-naira-pushes-nigerias-debt-to-nearly-n150trn/ [Accessed 23 Jul. 2025].
DMO (Debt Management Office), 2025. Nigeria’s Actual External Debt Service Payments in 4th Quarter, 2024. [online] Available at: https://www.dmo.gov.ng/debt-profile/external-debts/debt-service [Accessed 23 Jul. 2025].
Nigerian Tribune, 2024. FG ramped up revenue generation to ₦6.9 trn in Q1 2025 — Edun. [online] Available at: https://tribuneonlineng.com/fg-ramped-up-revenue-generation-to-n6-9trn-in-q1-2025-edun/ [Accessed 23 Jul. 2025].
Nairametrics, 2024. Nigeria’s public debt hits ₦134.3 trn in Q2 2024. [online] Available at: https://nairametrics.com/2024/10/24/nigerias-public-debt-hits-n134-3-trillion-in-q2-2024/ [Accessed 23 Jul. 2025].
Punch, 2025. Nigeria spends $2bn on external debt in four months. [online] Available at: https://punchng.com/nigeria-spends-2bn-on-external-debt-in-four-months/ [Accessed 23 Jul. 2025].
Professor MarkAnthony Ujunwa Nze is a distinguished Nigerian-born investigative journalist, public intellectual, and global governance analyst, whose work spans critical intersections of media, law, and policy. His expertise extends across strategic management, leadership, and international business law, where he brings a nuanced understanding of institutional dynamics, cross-border legal frameworks, and executive decision-making in complex global environments.
Currently based in New York, Professor Nze serves as a full tenured professor at the New York Centre for Advanced Research. There, he spearheads interdisciplinary research at the forefront of governance innovation, corporate strategy, and geopolitical risk. Widely respected for his intellectual rigor and principled advocacy, he remains a vital voice in shaping ethical leadership and sustainable governance across emerging and established democracies.