By George Omagbemi Sylvester
A former chairman of the Organised Private Sector (OPS), Dele Oye, has raised concerns over Nigeria’s rising public debt, stating that the country’s current debt profile under President Bola Ahmed Tinubu has placed an estimated burden of about N670,000 on every Nigerian citizen.
Oye reportedly made the remark while reacting to Nigeria’s growing debt stock, which has climbed to approximately N159.28 trillion amid increasing government borrowing to finance infrastructure, budget deficits, and economic reforms. He warned that excessive dependence on loans without corresponding productivity and revenue generation could worsen inflation, unemployment, and pressure on the naira.
The economic analyst stressed that while borrowing is not entirely negative, concerns arise when debt servicing consumes a significant portion of government revenue, leaving limited resources for healthcare, education, and development projects.
Nigeria’s debt profile has continued to generate national debate as citizens grapple with rising living costs and economic hardship. Financial experts have repeatedly called for fiscal discipline, improved revenue generation, and stronger economic diversification to reduce dependence on borrowing and stabilize the economy.
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