The Anglican Archbishop of Owerri, Most Rev. David O. C. Onuoha, has expressed concern over Nigeria’s rising public debt, questioning the Federal Government’s continued borrowing amid widespread economic hardship.
Onuoha raised the concerns on Thursday while declaring open the Provincial Council meeting at St. Paul’s Anglican Church, Avutu, in Obowo Local Government Area of Imo State.
The cleric criticised the National Assembly for repeatedly approving borrowing requests from the present administration, warning that the growing debt burden could have serious implications for future generations.
He cited figures released by the Debt Management Office (DMO) on September 25, 2026, which indicated that Nigeria’s public debt had reached N166.79 trillion as of June 2026.
According to him, dividing the country’s total debt by an estimated population of 237 million translates to between N702,185 and N716,822 in debt per Nigerian.
Onuoha also expressed concern over the amount spent on servicing the country’s debt, noting that Nigeria spent N5.28 trillion on domestic debt service and $1.82 billion on external debt service in the first half of 2026.
He stressed that the figures represented debt servicing rather than actual repayment of the principal borrowed.
The archbishop blamed corruption for the failure of successive administrations to translate borrowed funds into meaningful benefits for Nigerians, arguing that citizens continued to bear the burden of repayment without enjoying the expected results.
He questioned why the government continued to seek additional loans without first taking decisive steps to address corruption.
Onuoha further argued that economic reforms, regardless of their intentions, would struggle to achieve their objectives in an environment where corruption remained prevalent.
“No reform, no matter how well intentioned, will produce the desired result in any society where corruption thrives,” he said.
The cleric also criticised the Federal Government’s economic policies, alleging that they had worsened poverty, hardship and suffering among Nigerians.
He called for greater accountability in the management of public resources, stressing the need for government borrowing to translate into tangible improvements in the lives of citizens.
Comments