Non-governmental organization ActionAid Nigeria has expressed concern over Nigeria’s growing debt profile, stating that every child born in the country now begins life with an estimated debt burden of N691,000.
The country director of the organization, Andrew Mamedu, made the remark on Monday during an interview on Arise Television while discussing the nation’s rising debt despite the removal of the fuel subsidy and the floating of the naira.
According to him, borrowing itself is not a problem if it is done responsibly and tied to productive ventures.
“With Nigeria’s rising debt now, it means that a newborn baby already starts life owing about N691,000,” he said.
Mamedu noted that many countries across the world, including China and the United States, also rely on borrowing, sometimes beyond their annual budgets, but stressed that accountability and proper planning are essential.
He explained that borrowing should not be channelled towards consumption but should instead be tied to productive capital projects capable of generating returns and repaying the debt.
He further emphasized the need for transparency in the use of borrowed funds, adding that government borrowing should align with fiscal responsibility principles and follow a clearly defined fiscal plan.
