Nigeria has been caught in a borrowing web in the last decade as the budget deficit widened from N2.2 trillion in 2016 to N23.85 trillion in 2026, representing a 984 percent increase in 10 years. Debt servicing jumped from N1.48 trillion to N15.52 trillion, while federal expenditure surged almost ten-fold to N58.18 trillion from N6.08 trillion over the period, according to a BusinessDay review of BudgIT data. Wale Edun, minister of Finance, has emphasised domestic resource mobilisation over repeated borrowing, a message aimed at reassurin
Nigeria has been caught in a borrowing web in the last decade as the budget deficit widened from N2.2 trillion in 2016 to N23.85 trillion in 2026, representing a 984 percent increase in 10 years. Debt servicing jumped from N1.48 trillion to N15.52 trillion, while federal expenditure surged almost ten-fold to N58.18 trillion from N6.08 trillion over the period, according to a BusinessDay review of BudgIT data. Wale Edun, minister of Finance, has emphasised domestic resource mobilisation over repeated borrowing, a message aimed at reassurin