President Bola Tinubu has said Nigeria will spend $11.6 billion on debt servicing in 2026.
Special adviser to the president on information and strategy, Bayo Onanuga said in a statement that Tinubu stated this at the Africa Forward Summit in Nairobi, Kenya, on Tuesday.
Tinubu said nearly half of Nigeria’s projected revenue for 2026 would go into servicing debt under the current global financial system.
According to the president, every dollar spent on debt repayment is reducing investment in critical sectors of the economy.
“Every single dollar that leaves our treasury to pay punitive interest rates is a dollar that did not go into our steel sector, our textile mills, our agro-processed, or our digital industries,” the president said.
“It is a dollar that did not train a young Nigerian engineer or provide affordable power for our factories.”
