₦airaland Forum

LordIsaac:
When the head is rotten, the body cannot function. Read "My Watch"!

Just as the current head is rotten

duro4chang:
simply because you are going to fail as usual. No chance for obi. He should go back to agulu and be their president. Sharing of palm oil is a waste of time and resources. Obi can never be president.

I didn't mention Obi, and I certainly didn't mention Tinubu.

So why are you this agitated?

What exactly brought Obi into this conversation?

Or are you having nightmares already?

duro4chang:
Vote buying taking too far. But I know sha that it's effort in futility.

What makes it an effort in futility?

According to the Supreme Court judgment, APC doesn't have a candidate in Rivers. The Wike rainbow confusion is in tatters, running helter-skelter.

Wike, in trying to outwit everyone else, ended up outwitting himself and his own rainbow confusion.

Reactions As Tinubu Announces He Has Built CREDICORP And That Nigerians Can Now Buy Things On Credit


Social media users have taken to their official X account to react after it was announced that President Bola Ahmed Tinubu has built an institution that will help Nigerians to get loans and buy things on credit.

The announcement was made on the official X account of President Bola Ahmed Tinubu on Monday, September 28, 2026.

In the post that surfaced online, the President stated that his administration has built a credit based institution known as CREDICORP. He said the institution will allow Nigerians to buy things on credit and pay later.

The President stated that his administration will continue to put out measures that will lift burdens on the people of Nigeria.


According to President Bola Ahmed Tinubu on his official X account;

"That promise was about something practical. A worker with access to credit can buy what the family needs and pay over time and a small business can invest today against the income it expects tomorrow.


"We have been building the institutions to make that possible. Through CREDICORP, working Nigerians can access consumer credit".


https://news-af.feednews.com/news/detail/5917457e3db629eec0010aba0e5bdf8c?client=news

Nigeria’s public debt burden has again sparked public and economic concern after fresh calculations showed that every Nigerian now carries an estimated N716,822 in public debt, up from N383,442 three years ago — an increase of about 87 per cent.


This individual debt figure is based on the latest figures from the Debt Management Office (DMO) divided by the World Bank’s population estimates for both periods.

The rise is even more stark when measured against what Nigerians actually earn, with debt per person now accounting for a far larger share of average income than it did three years ago.

The disclosure has renewed debate about debt sustainability, with economists warning that the pace of borrowing is outstripping the country’s capacity to service its debt. Debt-servicing costs have become a growing concern, with Nigeria projected to spend more than $11.6 billion on debt servicing in 2026 — up sharply from the previous year — even as recurrent government spending continues to rise.


Nigeria’s Debt Stock Grows 90.9% In 3 Years As Borrowing Hits N166.79trn

LEADERSHIP’s checks showed that three years ago, at the end of June 2023 — the first debt figure published after President Bola Tinubu assumed office — Nigeria’s total public debt stock stood at N87.38 trillion.

Divided by the World Bank’s population estimate for that year, 227,882,945, the per-capita debt burden worked out to roughly N383,442 at the time.

Today, with the debt stock at N166.79 trillion as of June 30, 2026, and the population estimated at 232,679,478, per-capita debt has surged to N716,822 — an increase of N333,380 per person, or about 87 per cent, in three years.

The debt stock itself nearly doubled in naira terms, rising by N79.41 trillion, or 90.9 per cent, over the same period.

The per-capita figure shifts depending on the population estimate applied. Using the National Population Commission’s (NPC) own projection of slightly more than 216 million — last updated by NPC Chairman Nasir Isa Kwarra — the current per-capita debt burden rises to roughly N772,175.

Analysts have, however, noted that part of the naira-denominated surge reflects currency depreciation rather than new borrowing alone.

Recall that in June 2023, shortly after the naira was floated under the new administration, the official exchange rate closed the month at N769.25/$1 at the I&E window. By comparison, the official NFEM rate as of September 2026 stood at about N1,329/$1 — a depreciation of about 72.8 per cent over the three-year period.

That currency slide means Nigeria’s dollar-denominated debt grew far more moderately than the naira figures suggest: from about $113.6 billion in June 2023 to $120.93 billion in June 2026, an increase of only about 6.4 per cent.



Debt Burden Outpacing Income

A more troubling picture emerges when per-capita debt is weighed against per-capita income.

According to World Bank data, Nigeria’s GDP per capita stood at roughly $1,596.6 in 2023. At the June 2023 exchange rate of N769.25/$1, this translated to approximately N1,228,378 per person. That put per-capita public debt of N383,442 at about 31 per cent of per-capita income at the time.

By 2024 — the most recent year for which World Bank figures are available — Nigeria’s GDP per capita had fallen to $806.9, a drop of more than 49 per cent, driven largely by the naira’s devaluation and the rebasing of the economy. Converted at the current exchange rate of roughly N1,329/$1, that amounts to approximately N1,072,368 per person in naira terms.

Against this lower income base, per-capita debt of N716,822 now represents nearly 67 per cent of per-capita income — more than double the debt-to-income share recorded three years ago.

The decline in dollar-denominated income has been dramatic by regional standards. Nigeria’s GDP per capita, which remained above the Sub-Saharan Africa average from 2002 to 2023, fell to $806.9 in 2024 — about $710 below the regional average of $1,516.4, the widest gap in more than two decades.

Economists say this combination — a debt burden rising even as the income base against which it must be repaid shrinks — is a central reason why the per-capita debt figures have alarmed analysts more than the naira totals alone might suggest.



The Current Numbers

The DMO’s most recent data puts total public debt at N166.79 trillion as of June 30, 2026, up from N159.35 trillion recorded at the end of March 2026, representing a 4.7 per cent quarter-on-quarter increase.

A breakdown shows that domestic debt accounted for N91.59 trillion, or 54.91 per cent of the total, while external debt stood at about N75.20 trillion, or 45.09 per cent.

The federal government accounted for N152.77 trillion of the total, comprising N86.99 trillion in domestic debt and N65.77 trillion in external obligations, while the states and the FCT jointly held N14.01 trillion.

The disclosure has drawn sharp reactions from civil society, economists, business leaders and ordinary Nigerians, many of whom questioned whether the country’s rising debt has translated into tangible benefits for citizens.

Commenting on the development, the executive director of the Civil Society Legislative Advocacy Centre (CISLAC) and Head of Transparency International (TI) Nigeria, Auwal Ibrahim Musa Rafsanjani, raised concerns over the country’s rising debt profile.

Describing it as “a major concern”, he said: “CISLAC is really particularly concerned about the growing pressure that debt servicing can place on public finances.

“Borrowing can be a legitimate instrument of development when it finances productive infrastructure, human capital, industrial development, and investments capable of generating economic returns.

“But the kind of borrowing and debts we have have nothing to do with what I have just mentioned. It is more of an opportunity to divert and still waste public taxpayers’ money. For us, accumulating debts while citizens continue to experience inadequate healthcare, deteriorating public education, poor electricity supply, unemployment, poverty, insecurity and infrastructure deficits are actually serious issues.

“It means that the question of value for money, fiscal discipline and accountability is completely absent from what we are seeing today in Nigeria.

“Nigeria cannot continue borrowing and transferring repayment obligations to future generations without demonstrating clearly where the money went. We want to know what projects were financed, who executed those projects, what results were achieved, and how these investments will generate economic or social returns.”

On his part, the national president of the Association of Small Business Owners of Nigeria (ASBON), Dr Femi Egbesola, said the rise in Nigeria’s estimated debt burden per citizen from N383,442 to N716,822 was concerning, but clarified that this did not mean every Nigerian personally owed that amount.

He explained that the figure was simply the country’s total public debt divided by its population.

“Debt itself is not necessarily bad if it is used to finance productive investments that expand the economy, create jobs and increase government revenue,” he added.

He explained that the real concern was whether the country was borrowing to create value or simply borrowing to meet recurrent obligations while the cost of servicing the debt continued to rise.

“For businesses and MSMEs, the key question is whether these borrowings are translating into better infrastructure, reliable power, lower production costs and easier access to finance. For me, this is not so at the moment.

“Nigeria must move from simply measuring how much we owe to asking what we are achieving with what we borrow.”

Also, the founder of DAL Concept Strategy, Pelumi Oladeji, said the rising debt could further limit the government’s ability to fund critical areas of the economy if the trend was not properly managed.

“A growing share of government revenue will continue to be spent on debt servicing instead of critical sectors such as education, healthcare, infrastructure and security,” he said, warning of reduced fiscal flexibility and slower national development.

Oladeji said the way forward would depend on the government’s ability to grow revenue faster than it takes on new debt.

This, he said, would require “stronger economic productivity, improved revenue generation, export growth, and greater discipline in public spending,” adding that reducing the debt burden should be viewed as “a medium- to long-term objective rather than an immediate expectation.”

A statistician, Oluwatimileyin Onasanya, however argued that the rise in Nigeria’s debt burden should not necessarily be viewed as a problem, stating that borrowing could help a developing country finance important projects.

“The main issue is not borrowing but actually failing to use the borrowed money for its intended use,” he said.

According to him, borrowing should create opportunities through investments in infrastructure and other projects, but this has not happened because of how the funds are allocated.

Onasanya added that Nigeria should not stop borrowing but must ensure that borrowed funds are properly channelled towards development.

“A country cannot develop on its own resources,” he said, adding that the focus should be on improving the debt-to-GDP ratio and ensuring that borrowing contributes to economic growth.

He also said the rising debt was not directly responsible for the cost-of-living crisis, pointing instead to “the cost of dollars vs the naira” and the imbalance between imports and exports.

In his own reaction, Mr Eyitayo Oladapo said he did not see any clear benefit Nigerians were getting from the rising debt.

“We don’t believe what they are telling us they use the money to produce,” he said, adding that “the rich are getting richer and the poor are not getting out of it.”

He also expressed concern about continued borrowing, saying the country could not afford to keep accumulating debt at the current rate.

“They are borrowing money and they are saying that we are the ones that will pay it. I don’t understand,” he said, noting that the rising debt was coming at a time when Nigerians were already struggling with high living costs.

The vice chairman of Highcap Securities Limited, David Adonri, said the rise was worrisome because borrowing had not translated into improved living standards.

“If debt per citizen has moved from N383,000 to over N716,000 in three years, we should be seeing corresponding improvement in infrastructure, power and productivity. Instead, cost of living is rising and purchasing power is declining,” he said.

Adonri warned that continued borrowing without efficient utilisation could crowd out private-sector investment and put pressure on future budgets through debt-servicing obligations.

The Managing Director of Globalview Capital Limited, Mr Aruna Kebira, said borrowing was not bad in itself if the funds were channelled into productive purposes and the return on investment outweighed the cost of funds.

Kebira said the government borrows to finance budget deficits when it needs to spend beyond what it generates within a fiscal year.

“When you are borrowing, you make sure that what you are putting the money into is justified. If it is for business, you ensure the return on investment is higher than the cost of funds. Assuming it is used judiciously and channelled into the projects for which it was borrowed, there is no problem,” he added.

He, however, expressed concern that in developing countries, especially in Africa, borrowed funds often do not match the purposes for which they were borrowed.

“What has characterised Africa is that this fund will end up in private pockets. Then the debt becomes government’s own while the fund becomes private,” he said.

Kebira noted that while the United States is the highest debtor globally, it has the advantage of owing in its own currency, which it can print to repay. In contrast, Nigeria has to source dollars or use oil revenues to repay dollar-denominated debts.

He warned that rising debt was a bad signal because debt servicing is included in the following year’s budget, potentially forcing the government into a cycle of deficits.

He advised the government to reduce borrowing and focus on critical infrastructure, adding that even borrowed funds are often inflated, poorly executed or abandoned.

https://leadership.ng/reactions-as-nigerias-debt-burden-per-citizen-hits-n716-822/

NewHe:
Just like that! Does this man even understand what Federalism entails?
There's always tripartite committee saddles with that!

Did Tinubu understand federalism when he literally increased the fuel pump price from N187 per litre to over N1,500 per litre?

Was there a tripartite committee set up to discuss the effects of such a wicked and draconian increase on the living standards of Nigerians?

Just asking.

DennisEche:
Peter obi should stop making it looks like Joke, Prof Soludo is an intellectual
Soludo busted your lies,
Obi where is our 2B naira

You don't ask about the whereabouts of a so-called N2 billion on social media. That's foo.lish.ness.

Visit the nearest EFCC office and submit a petition.

That's how sensible people behave, bro.

stuffs2002:
Obi spent 8 years of his failed administration blaming Mbadinuju.

Obi didn't build any primary school
Obi didn't build any secondary school
Obi didn't build any university


Obi is only being smart by half by claiming to have saved money and that he didn't borrow money yet these are all lies.

Only OBIDIENTS will blame you for exposing Obi's lies instead of telling Obi to stop lying

You don’t have to tell huge lies, peddle falsehoods, and spread misinformation simply because you don’t like Peter Obi.

If you claim Peter Obi spent his tenure blaming his predecessors, then provide evidence. Show us where Peter Obi blamed Mbadinuju or Chris Ngige, who handed over to him, for his failures.

In fact, here is a Nairaland thread documenting schools built, rehabilitated, renovated, and upgraded during Peter Obi’s tenure as Governor of Anambra State. Read it and provide evidence to the contrary instead of recycling claims without proof.

https://www.nairaland.com/8071392/schools-peter-obi-built-over

XtremeConsumer:
i thought it was already dubai when obi was governor?

Obi never promised to turn Anambra into Dubai or Taiwan. That was Soludo’s promise.

After governing Anambra State, Obi has never claimed that he built Anambra from from scratch or tamed the River Niger. He has consistently said he did his best and left Anambra far better than he met it, and he has provided evidence to support that claim.

So, if Soludo is already preparing to blame a man who left office almost 13 years ago for his own catastrophic failure, perhaps we should remind him who made the Dubai and Taiwan promise in the first place.

Soludo is merely giving us a preview of the excuse: he’ll blame Peter Obi, who left office almost 13 years ago, for his failure to turn Anambra into Dubai, Taiwan and Silicon valley. just as he promised during his campaign to become Anambra Governor.

immaculatesense:
Are you sure this is a ONE MILLION MAN MATCH abi ONE HUNDRED MAN MATCH.

No Be Juju Be Dat?

Organise your own 100 million man march for Tinubu let's compare

madridguy:
It's good when they do it to APC members but when it's other way round it will be a threat to our democracy.

It’s not a party thing; it’s the anger Nigerians are expressing.

The greatest evil Tinubu and the APC have done is inflict untold hardship, hunger, worsening insecurity, and a high cost of living on Nigerians, increasing the price of fuel from below N200 per litre to over N1,500 in just three years, with its attendant high transportation costs, and calling it “reforms” that Nigerians should endure.

That’s what Nigerians consider evil and wickedness, and they are saying: no more.

KonTagiousBull:
Thats why so many of them have always been scared of leaving that club including the Owerri guy...

Go to Anambra and make this comment come back to tell your story

Tareq1105:
Oh, it's you ofunaofu. No need to respond to you bcoz the product you're marketing is a rejected item.

The only rejected item today is the one you support. He has been resoundingly rejected across the country for inflicting untold hardship, hunger, worsening insecurity, high inflation, and an unbearable cost of living on Nigerians.

Showunmi should rather go speak to Tinubu directly , because Tinubu has built his entire communication and information structure around propaganda, propaganda, and more propaganda.

slivertongue:
INEC has a different interpretation

What’s INEC’s interpretation?

Do you mind sharing it?

The Wike's rainbow confusion is dead even before it began

Nigerians, allow Peter Obi to give you a better country, a country you can be proud of...to rescue this country from the dungeon of hardship, death, hunger, and the unbearable cost of living that Tinubu has sunk it into.

dappydozzy:
Negative people everywhere. No wonder their lives never progress, always wailing and lamenting .

'Negative people everywhere' is quite the convenient response when you have no answer to the actual points being made.

And if you know the reality but choose to believe a lie and live in denial that Tinubu has the capacity to make things better, then the negativity is with you, not with the person pointing out the obvious.

Please pay no mind to the OP. He is a notorious Nairaland wanderer, jumping from thread to thread, creating and littering Nairaland with sénse..less threads

FSBoperator:
Interpreter, are you going to spin this as you all did with Giringori lambaring that he borrowed money to save in the bank to generate interest on it?

Yours is even worse. You are a notorious wanderer here, always jumping from one thread to another without comprehending what you read, then confidently spewing the same old hate.

They can report themselves; it’s none of the masses’ business.

What Nigerians are unanimous about is that they are resolved to vote Tinubu, APC, Wike, and his rainbow confusion out in 2027.

Richtaiwo:
I don't know why a man as old as Peter Obi should be lying? Will he die if he skip a day without lying?

I am very sure you didn't even read the article, or perhaps you read it but have a comprehension problem. You just saw the headline and ran with it, just to spew your usual hate.

mycar:
The wife is a Godmother to one of your children and you are a Godmother to one of his children, and we are godparent to each others child, what is the difference?
sometimes, if i want to avoid using father or mother, I use parent for either of the two

This Soludo family is simply in competition with Mr Peter Obi family

I don't know what Soludo is competing with Peter Obi over.

Peter Obi is not after his office. Peter Obi has done his part and left 13 years ago. Soludo is doing his part and failing woefully. And now wants to blame Peter Obi for his catastrophic failure as governor

Wike, in trying to outwit everyone else, ended up outwitting himself.

Now it’s a rainbow confusion.

Kharol1234:
Is the karate for yahoo boys or bandits?

Or na to just to keep fit

For bandits

It’s all part of the Tinubu Administration’s reforms: using a non-kinetic approach to combating banditry.

Why chase bandits with guns when you can simply learn karate and hope they volunteer for a fair fight?

Cyberterror:
Where is the large crowd here? Many of those who voted for Obi in 2023 have now realized that he is a packaged fraudster.

While those who claimed to have voted for Tinubu in 2023, having been fed lies, falsehoods, and propaganda about how Tinubu built Lagos from scratch and “tamed the Atlantic Ocean, are today gnashing their teeth and wailing, buying fuel at almost N1,500 a litre, with its attendant high cost of transportation, high cost of living, high inflation, worsening insecurity, etc., they have now sworn to ensure that Tinubu is chased away and out of our national lives

Gidigodd:
We anticipate your return. We hope that things become better this time around.

Bro, you’re hoping against hope.

With Tinubu at the helm, things aren’t going to get better. It will get worse

He simply doesn’t know how to make things better for Nigerians.

He lacks the capacity, competence, and, above all, the integrity to make things better.

He couldn’t do it in the past three and a half years, and he won’t do it now.

slivertongue:
The Tinubu gandg were hoping their lobby would work so they started bragging ahead of time only to be put to be shame

You mean after splashing a staggering $9 million on the US based lobbying firm DCI Group, it still didn’t work?