Archbishop Onuoha Warns on Nigeria’s Rising Debt Profile

The Anglican Archbishop of Owerri, Most Rev. David O. C. Onuoha, has raised concerns over Nigeria’s increasing debt profile. According to a report by Vanguard News, Onuoha flagged off the Provincial Council meeting at St. Paul’s Anglican Church, questioning the Federal Government’s continued resort to borrowing amid the country’s economic challenges.

‘I am concerned about Nigeria’s rising debt profile,’ Onuoha said. ‘The government’s continuous borrowing amidst our economic challenges is worrisome.’

This warning comes as the country’s debt profile continues to rise, reaching over N36 trillion as of 2021, according to the Debt Management Office (DMO).

Nigeria’s debt to GDP ratio, currently at 23.2%, is considered high by international standards and has been a subject of concern for many Nigerians. According to the International Monetary Fund (IMF), a debt to GDP ratio above 70% is considered unsustainable.

The Archbishop’s concern reflects the sentiments of many Nigerians who are worried about the country’s financial situation and its impact on their livelihoods.