Nigeria moved up the list of the top 10 International Development Association borrowers due to increasing debt. Except for Nigeria, the top five nations on the list all marginally decreased their IDA debt stock.
Gabriel Idahosa, a financial specialist and vice president of the Lagos Chamber of Commerce and Industry, stated that Nigeria was already in danger of having more debt service than income.
Idahosa stated, “As we speak, 96 percent of our income is already going toward debt servicing. Banks keep track of deficiencies, Some Nigerian banks’ Ghanaian subsidiaries announced impairment charges of over N155 billion as a result of the government of West Africa’s country restructuring its public debt.
