Concerns that Nigeria’s $152 billion debt load is failing to yield noticeable improvements in the lives of young people, businesses, and climate-vulnerable communities were voiced by stakeholders on Tuesday, who warned that the country is slipping further into a cycle of “debt without development.” The “True Cost of Debt” was the main topic of discussion at a nationwide dialogue under the theme Youths, Climate Change, and Nigeria’s Development Crisis.The Heinrich Böll Foundation and the Center for Inclusion and Social Development (CISD) collaborated to organize the event. “The true cost of Nigeria’s rising debt is not in spreadsheets, but in the lives of vulnerable citizens,” stated Mr. Folahan Johnson, Executive Director of CISD, during the discussion.”Every loan taken without accountability becomes a burden on future generations,” he warned, adding that “our borrowing spree is undermining education, health care, and business productivity.” He pointed out that the growing number of children not attending school, the deteriorating health systems, and the growing number of young Nigerians compelled to live on the streets are all indicators of Nigeria’s growing liabilities. He clarified that the purpose of the discussion was to spur public action regarding the need for greater openness from government institutions and the economic effects of debt accumulation.
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