Nigeria Debt Costs Pressure Social Spending in 2024 Budget

Nigeria will spend at least six times more on servicing its debt next year than on building new schools or hospitals in the West African nation, where more than 40% of the population live in extreme poverty.

President Bola Tinubu on Wednesday outlined 2024 spending plans projected at 27.5 trillion naira ($34.7 billion), of which 30% will go to pay borrowing costs. Spending on education will consume 7.9% of the budget while healthcare gets 5% and infrastructure a similar amount. This excludes spending by 36 states and the capital Abuja on social services.