…says unfair global lending system is choking African economies
by Anietie Udobit, Abuja
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President Bola Ahmed Tinubu has raised fresh concerns over the growing debt servicing burden facing African nations, revealing that Nigeria alone will spend about $11.6 billion servicing debts this year — an amount projected to consume nearly half of the country’s expected revenue.
Speaking during international economic engagements, Tinubu argued that the current global financial structure unfairly punishes developing nations, particularly African economies, with excessively high borrowing costs and rigid lending conditions.
The president warned that many countries on the continent are spending more on debt repayments than on healthcare, education and infrastructure, thereby slowing development and worsening poverty.
Tinubu called for urgent reforms in global financial institutions, insisting that Africa deserves fairer access to credit, concessional financing and economic support mechanisms.
Economic analysts say Nigeria’s debt servicing pressure reflects wider concerns across Africa, where governments continue to grapple with inflation, currency depreciation and rising fiscal deficits.
The latest disclosure comes amid increasing public concern over Nigeria’s economic challenges, including high living costs, rising unemployment and pressure on the naira.