Nigeria’s fiscal landscape between 2020 and 2025 presents a stark and sobering paradox. Public borrowing surged at both federal and subnational levels, yet the corresponding productivity and developmental outcomes remain uneven, inconsistent, and in many cases deeply disappointing. Across the 36 states, the Federal Capital Territory, and the federal government of Nigeria, debt accumulation became a central instrument of fiscal strategy. However, its effectiveness in generating sustainable economic growth, infrastructure expansion, and social de
Nigeria’s fiscal landscape between 2020 and 2025 presents a stark and sobering paradox. Public borrowing surged at both federal and subnational levels, yet the corresponding productivity and developmental outcomes remain uneven, inconsistent, and in many cases deeply disappointing. Across the 36 states, the Federal Capital Territory, and the federal government of Nigeria, debt accumulation became a central instrument of fiscal strategy. However, its effectiveness in generating sustainable economic growth, infrastructure expansion, and social de
