How Nigeria’s N152 Trillion Debt Was Largely Inherited – Edun Tells Senate
By Erewunmi Peace
Nigeria’s total public debt of N152 trillion is largely a legacy of previous administrations, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, informed the Senate on Friday.
Addressing senators during a session on the economy, Edun explained that a significant portion of the country’s debt was inherited, rather than incurred solely by the current government. He noted that historical obligations, including rolled-over borrowings and exchange rate adjustments, account for most of the debt stock.
Edun added that recent borrowing since 2023 represents only a fraction of the total, while inherited debts continue to place a heavy burden on government finances. He highlighted that debt servicing costs remain high, stressing the need for reforms in budgeting and payment systems to improve fiscal management and economic stability.
The finance minister’s briefing reflects growing concern in the National Assembly over Nigeria’s debt profile and its implications for national development, signaling a focus on long-term fiscal discipline and accountability.
