Anglican Primate Ndukuba Critiques Nigeria's Economic Hardship

Archbishop Henry Ndukuba, the Primate of the Church of Nigeria (Anglican Communion), raised significant concerns regarding Nigeria's economic situation during the opening of the 15th General Synod at Our Saviour’s Anglican Church in Ikenne Remo, Ogun State. He noted that despite some improvements in macroeconomic indicators under President Bola Tinubu, such as the naira reaching a two-year high and external reserves hitting an 18-year peak, these gains have not translated into relief for over 100 million Nigerians living in multidimensional poverty.

Ndukuba pointed out that Nigeria's total public debt stock was approximately N159.28 trillion as of March 2026, with domestic debt servicing costs rising to about N3.14 trillion in the first quarter of 2026, marking a 20.3% year-on-year increase. He emphasized that over 50% of national revenue is allocated to debt servicing, which constrains capital expenditures essential for economic growth.

Ndukuba criticized the nature of borrowing, stating that Nigeria borrows primarily for consumption rather than productive investments.