Nigeria’s total debt stock has increased 25 times since June 2015, from ₦618 billion to ₦15.5 trillion. This astronomical increase has not been matched by either government revenue (which is essentially flat) or economic growth, which has stagnated. This is why Nigeria’s debt to revenue ratio stands currently at 97%. As such, the possibility of a debt crisis based on the current trajectory is elevated.
Editor’s note: An earlier version of this chart erroneously totalled the debt figures. The error is regretted.