{"id":123099,"date":"2025-10-21T21:20:47","date_gmt":"2025-10-21T20:20:47","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=123099"},"modified":"2025-10-21T21:20:47","modified_gmt":"2025-10-21T20:20:47","slug":"nigerias-mounting-debt-worries-afe-babalola","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/nigerias-mounting-debt-worries-afe-babalola\/","title":{"rendered":"Nigeria\u2019s Mounting Debt Worries Afe Babalola\u00a0"},"content":{"rendered":"<div>By Oscar Okhifo<\/div>\n<div><\/div>\n<div>Legal luminary and founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola, has expressed deep concern over Nigeria\u2019s growing public debt, warning that the nation\u2019s borrowing trend is scaring away foreign investors and threatening its economic stability.<\/div>\n<div><\/div>\n<div>Babalola, who spoke on Saturday, during the 2025 International Leadership Conference held at ABUAD, lamented that Nigeria\u2019s total public debt had ballooned to N152.4 trillion (about $99.7 billion), describing the situation as alarming and unsustainable.<\/div>\n<div><\/div>\n<div>He noted that the country\u2019s mounting indebtedness has made it unattractive to international investors, adding that \u201cbusiness companies from other countries do not want to invest in this debtor country.\u201d<\/div>\n<div><\/div>\n<div>According to him, several banks have begun to complain that the Central Bank of Nigeria (CBN) could no longer honour government promissory notes due to the country\u2019s rising debt obligations.<\/div>\n<div><\/div>\n<div>He said, the\u00a0 development was a reflection of the fiscal distress facing the nation.<\/div>\n<div><\/div>\n<div>\u201cThe banks are saying the CBN cannot honour government promissory notes because the Federal Government owes too much. This is not the kind of image that encourages investors to come in,\u201d he stated.<\/div>\n<div><\/div>\n<div>The legal icon warned that Nigeria\u2019s growing debt burden could worsen unemployment, poverty and insecurity if urgent steps were not taken to reverse the trend.<\/div>\n<div><\/div>\n<div>He urged the government to adopt more prudent fiscal management practices and channel borrowed funds into productive ventures that can generate returns and boost revenue.<\/div>\n<div><\/div>\n<div>Babalola, who described the theme of the conference\u00a0 \u201cShaping Transformational Leaders: Tackling Insecurity, Governance and Development\u201d\u00a0 as timely, said leadership at all levels must demonstrate transparency and discipline to save the economy from collapse.<\/div>\n<div><\/div>\n<div>He also called on policymakers to reduce recurrent expenditure, diversify the economy and improve tax collection efficiency to reduce reliance on borrowing.<\/div>\n<div><\/div>\n<div>\u201cNigeria must rethink its debt strategy and rebuild investor confidence,\u201d he added.<\/div>\n<div><\/div>\n<div>\u00a0\u201cA nation cannot develop on borrowed money alone. We must learn to live within our means.\u201d<\/div>\n<div><\/div>\n<div>Babalola is not the only prominent voice raising concerns about Nigeria\u2019s rising debt. A few months ago, the Speaker of the House of Representatives, Tajudeen Abbas, had also expressed similar fears at a public function, warning that the debt situation could undermine the country\u2019s economic future. However, he later claimed he was misquoted.<\/div>\n<div><\/div>\n<div>The issue has continued to generate questions from citizens, who wonder why the government\u2019s borrowing continues to soar despite assurances that the removal of petrol subsidy would free up more funds for development. Many Nigerians are asking why the nation\u2019s debt profile is ballooning rather than shrinking, even as the administration insists that more money is now available for distribution among the tiers of government.<\/div>\n<div><\/div>\n<div>Economists say the development raises questions about fiscal transparency and the effectiveness of government spending, particularly as debt servicing continues to consume a significant portion of national revenue.<\/div>\n<div><\/div>\n<div>Babalola\u2019s warning, coming at a time of rising public unease over Nigeria\u2019s debt trajectory, underscores the need for urgent policy reforms to restore financial stability and investor confidence.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Oscar Okhifo Legal luminary and founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola, has expressed deep concern over Nigeria\u2019s growing public debt, warning that the nation\u2019s borrowing&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":123104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-123099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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