The Debt Management Office (DMO) has advised state governments to reduce reliance on borrowing for infrastructure projects and instead prioritise Public-Private Partnerships (PPPs) and stronger tax revenue mobilisation.
Speaking at a World Bank-supported workshop under the States Action on Business Enabling Reforms Programme in Lagos, DMO Director-General Patience Oniha warned that Nigeria must avoid slipping back into a debt crisis similar to what it faced before its 2005 debt relief programme.
She stressed that borrowing should only be a last resort, adding that governments at all levels must ensure that any loans taken are prudently utilised and sustainable.
“Borrowing should not be the major source of funding. Revenues, especially tax revenues, must be significantly improved. Efficient tax collection ensures more resources for health, education, and infrastructure without raising tax rates,” Oniha said.
According to her, PPPs present a more viable alternative for delivering key infrastructure, as they attract private sector capital and expertise, reduce fiscal pressure on governments, ensure timely project completion, and stimulate innovation, job creation, and economic growth.
She noted that Nigeria’s total public debt stood at ₦149.39 trillion as of March 31, 2025, up from ₦121.67 trillion in March 2024, reflecting a 22.8% year-on-year increase.
Highlighting the risks, Oniha pointed to Ghana, Argentina, Zambia, and Sri Lanka as cautionary tales of countries currently grappling with debt distress. She said Nigeria must remain vigilant to avoid a similar fate.
“We have been in that situation before, but we exited under the 2005 debt relief programme. Since then, several laws were put in place to regulate borrowing, and we must uphold them to avoid slipping back,” she added.
Lagos to Securitise State Assets
Earlier, Lagos State Commissioner for Finance, Abayomi Oluyomi, revealed that the state is working on securitising some of its assets—both liquid and non-depreciable—to strengthen its fiscal position.
He lamented that the sharp depreciation of the naira from about ₦400/$1 to over ₦1,600/$1 under the current administration had significantly inflated Lagos’ debt profile, particularly its external debt, without the state taking on new foreign loans.
As a result, he said Lagos would no longer contract external loans except long-term concessional facilities with repayment periods exceeding 20 years.
Key Takeaways
- DMO warns states against reckless borrowing to fund projects.
- States urged to boost tax revenues and embrace PPPs.
- Nigeria’s public debt rises to ₦149.39 trillion (March 2025).
- Lagos exploring asset securitisation to ease fiscal pressures.
- DMO cautions that Nigeria must avoid another debt crisis.
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