At the end of last year, Nigeria’s public debt was over $172bn and the West African country was spending over 80% of state revenues on servicing its financial obligations, says the respected Debt Management Office.
It may get even worse, according to Adetilewa Adebajo, managing director of the Corporate Finance Group, who accuses the central bank of breaking the law and reckons Nigeria’s debt stock could total $200bn if the bank’s balance sheet is investigated further.
