A leading financial expert has issued a stark warning to President Bola Ahmed Tinubu and Nigeria's state governors, cautioning that the country is headed for a financial crisis if the current borrowing trend persists.
Professor Christopher Chinedumuije, a renowned economist and policy analyst, has expressed concern over Nigeria's growing debt burden, stating that continued reliance on external loans without a robust plan for economic growth and debt repayment could push the nation toward financial instability.
Speaking at a policy summit in Abuja, emphasized that Nigeria’s current debt profile poses significant risks to the economy, jeopardizing infrastructure development, social welfare programs, and overall economic sustainability.
"Nigeria's debt-to-GDP ratio is rising at an alarming rate, with borrowing outpacing revenue generation. Without urgent policy intervention, we could see severe economic consequences, including inflation spikes, currency depreciation, and reduced investor confidence," Professor Christopher Chinedumuije stated.
The financial expert urged the federal and state governments to implement more sustainable fiscal policies, including improving revenue generation through tax reforms, reducing government expenditure, and fostering economic diversification beyond oil dependence.
The warning comes amid growing public concern about Nigeria's ability to manage its debts effectively. Many economists and financial analysts have called for increased transparency and accountability in government borrowing and spending to ensure fiscal responsibility.