PRESIDENT Bola Tinubu should heed the fresh warning from one of his predecessors, Olusegun Obasanjo, who has argued persuasively that Nigeria and other African countries might find it difficult to secure fresh debt relief due to their large debt profiles. With the level of mismanagement of the previous debts written off for the country, it will be almost impossible for any administration to get similar gesture in the continent, Obasanjo cautioned, positing that it is a trap that Nigeria should avoid. He has hit the nail on the head.
As of third quarter 2023, Nigeria's debt stock had grown exponentially to N87.91 trillion or 38.4 per cent of GDP. Statista records Africa's total external debt as of 2020 at $696.69 billion, growing to $726.55 billion in 2021 and $1.8 trillion in 2023.