Nigeria’s Public Debt Hits N121.67 Trillion, PwC Raises Concern
Accounting and consultancy firm, PricewaterhouseCoopers International Limited (PWC), revealed that Nigeria’s public debt reached N121.67 trillion in Q1 2024, exceeding the Fiscal Responsibility Act limit. PWC warned that the increasing debt without matching revenue-generating investments could deter private investors.
Former Anambra State governor, Peter Obi, advocated for sustainable economic growth amidst the rising debt crisis. He emphasized the need for productive use of borrowed funds to avoid exacerbating the debt situation.
PwC recommended fiscal prudence by prioritizing capital projects with high returns and improving revenue collection efficiency. Despite the debt concerns, foreign investment inflows to Nigeria showed a significant increase in Q1 2024, indicating potential economic growth.
Obi stressed the importance of transparency and accountability in utilizing borrowed funds for infrastructure, education, and healthcare to drive long-term economic prosperity for Nigeria.