Nigeria's Debt Crisis: Repayments Surpass Spending in 2024 Budget

Nigeria faces a critical financial challenge as debt repayment now exceeds both recurrent and capital expenditure, despite significant infrastructure gaps. Foreign direct investment (FDI) has plummeted to an all-time low of under $1 billion. Chief Executive Officer of The CFG Advisory, Tilewa Adebajo, highlighted these issues during a talk on Nigeria’s fiscal environment at the Finance Correspondents Association of Nigeria (FICAN) forum. Although N8.7 trillion was earmarked for capital expenditure in the 2024 budget, only N1.32 trillion will go to infrastructure development. Adebajo revealed that Nigeria’s current debt burden of $130 billion is being serviced by 95% of revenues. Join us as we discuss these pressing issues with Oyindamola T. Oyenuga, an Investment and Research Analyst at Meristem Securities Limited.

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