Nigeria’s debt service to revenue ratio, a key measure of debt sustainability, has reached unsustainable levels. It stood at 88% for the first half of 2020, after rising steadily over the last few years. This nearly four times higher than the World Bank’s recommended level of 22.5%. The impact of this is clear. It leaves the government increasingly unable to spend money on projects that will benefit Nigerians, and also points to serious challenges with both revenue mobilisation and wasteful spending.