The Ministry of Finance released a report last Friday according to which Nigeria's debt in the first four months of this year exceeded government revenue.

Of a total of 4.72 trillion naira spent between January and April, 1.94 trillion naira was spent on debt service, the largest cost for the government. This means that for every dollar spent by the government, 41 cents went to pay off debts. The Nigerian government's revenues represent only 7.5% of its gross domestic product, one of the lowest rates in the world, according to the International Monetary Fund. Among its sub-Saharan peers, like South Africa, it is over 20%. In addition, total public debt stood at $95.8 billion at the end of 2021, giving a debt/gross domestic product ratio of 22.47%, still within the 40% limit set by the government.