The real issue is not debt alone
Nigeria’s debt conversation is often framed too emotionally and too crudely, as though borrowing is automatically reckless and fiscal restraint is automatically virtuous. That is not how economies work. Governments borrow to smooth shocks, finance infrastructure, crowd in investment and accelerate growth. The more useful question is whether borrowed money is expanding productive capacity faster than it is expanding future obligations. That is where the Nigerian debate becomes serious. The Nat
