As fresh loan talks spark reactions online, many Nigerians are asking tough questions about the country’s rising debt profile, worsening cost of living, and whether borrowing is still helping the economy or simply keeping it afloat.
From fuel subsidy removal to naira depreciation and growing inflation, this explainer breaks down how Nigeria got here, who the country is borrowing from, and why the debate around debt is becoming louder ahead of 2027.

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