Afe Babalola Warns of Nigeria's Rising Debt, Urges Fiscal Reforms

Afe Babalola, the founder of ABUAD, has raised alarm over Nigeria's escalating debt burden, citing potential negative impacts on the economy and investor confidence. He criticized the inability of the Central Bank of Nigeria (CBN) to honor government promissory notes, calling for urgent fiscal reforms to restore economic stability.

Nigeria's total public debt stands at N152.4 trillion, making it less attractive for business investments. Babalola emphasized the need for responsible fiscal management to sustain Nigeria's development and economic growth.