Economist Ernest Abegbe has urged Nigeria to review its public debt, saying a verified account could guide possible future creditor talks over which obligations might qualify for relief.
BusinessDay and The Guardian reported the proposal on Nov. 10. Their accounts described Abegbe’s call, not a government audit order or active negotiations with creditors. The proposed review would trace how obligations were approved and used, identify beneficiaries, examine repayment records and legal standing, and establish how much remains due. BusinessDay quoted Abegbe saying, “There is a need to establish the authenticity, history and economic value of every debt transaction.”
The Debt Management Office (DMO) put Nigeria’s total public debt at ₦166.79 trillion (US$120.93 billion) on June 30, 2026. The figure includes federal, state and Federal Capital Territory obligations. Domestic debt made up 54.91% of the total, while external debt accounted for 45.09%.
For January–June 2026, the DMO recorded ₦5.28 trillion in federal domestic debt service, including principal and interest. External debt-service payments reached US$1.82 billion, including principal, interest and other charges. Abegbe has argued that servicing costs constrain development; the reported figures do not measure how much spending they displaced.
Nigeria’s Oct. 20, 2005, Paris Club agreement estimated US$18 billion in cancellations, including moratorium interest, against about US$30 billion owed to the creditor group. The phased deal began with cancellation of 33% of eligible debt, while a further 34% was tied to an International Monetary Fund (IMF) review. Nigeria was to pay US$12.4 billion: US$6.3 billion to clear arrears and US$6.1 billion to complete its exit from the arrangement. Creditor governments bore the cost of canceled claims, while Nigeria paid the arrears and exit amounts.
Abegbe said any savings from future relief should be transparently monitored and directed toward infrastructure and power, health care, education and agriculture. He also named industrial development, jobs and small businesses as potential priorities.
