The Church of Nigeria Anglican Communion has expressed concern over the state of the country’s economy, particularly its debt profile.
Most Revd Henry Ndukuba, the Archbishop Metropolitan and Primate of all Nigeria, highlighted the issue in his Presidential address to delegates at the Standing Committee Meeting of the Church in Ika Delta State.
He noted that debt servicing had increased to 11 trillion naira, surpassing both recurrent and budgetary expenditures. Ndukuba warned that the debt profile had risen from 63 billion US dollars to over 120 US dollars by the end of 2023, with 96% of revenues going to debt service alone.
This, he said, would limit funds available for critical sectors such as healthcare, education and infrastructure.
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The Primate called on the country’s leadership to address the issue, warning that reliance on external borrowing exposed the Nigerian economy to exchange rate risks and could erode investor confidence, leading to capital flight and negatively impacting the Nigerian stock market and overall economic stability.
He also warned that continuous borrowing contributed to inflationary pressures in the economy, driving up prices and affecting the cost of living for ordinary citizens.
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