Newborns start life owing N691,000 as Nigeria's debt burden grows

ActionAid Nigeria reveals newborn babies begin life owing N691,000 due to the country's rising debt profile. Country Director Andrew Mamedu made the disclosure on Monday while speaking on Arise Television, emphasizing that despite fuel subsidy removal and naira floating measures, Nigeria's debt continues to grow at concerning rates.

Mamedu clarified that responsive borrowing isn't wrong - citing countries like China and US that borrow beyond annual budgets. However, he stressed that responsible borrowing must follow fiscal responsibility principles with clear purpose and accountability. Key concerns include borrowing for consumption rather than productive capital projects, and transparency in how borrowed funds are utilized.

The figure represents an intergenerational debt burden affecting every Nigerian child's economic future. With Nigeria's debt servicing costs consuming significant portions of the budget, this raises fundamental questions about how current borrowing impacts future generations and whether current fiscal policies are sustainable for long-term economic development. How should ordinary Nigerians respond to this debt burden affecting their children and grandchildren?

SOURCE: https://dailypost.ng/2026/05/19/nigerias-debt-newborn-already-starts-life-owing-n691000-actionaid/