President Bola Tinubu has announced that Nigeria has halted borrowing from domestic banks after surpassing its annual revenue target by August—driven largely by non-oil sectors. Tinubu, who disclosed this during a recent meeting at the Presidential Villa, hailed it as a sign of economic stability. He also unveiled a major agricultural mechanization program aimed at achieving food sovereignty and reducing poverty. However, his optimism contrasts with warnings from analysts over Nigeria’s mounting debt. The Debt Management Office reported public debt at $98 billion by March 2025, up nearly 23% year-on-year, with projections suggesting it could exceed $105 billion by year-end. Analysts caution that despite revenue gains, weak oil earnings and fiscal gaps may force further borrowing.
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