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The Capital Market Academics of Nigeria (CMAN) held its final virtual symposium for the year, focusing on the pressing issue of Nigeria’s rising debt profile and sustainability imperatives.
The symposium, themed “Nigeria’s Rising Debt Profile and Sustainability Imperatives,” brought together experts and stakeholders to discuss the country’s debt management strategy, fiscal reforms, and the way forward.
In his opening remarks, the Chairman, Prof. Wilfred Iyiegbunwe, highlighted the exceptional intellectual capacity within CMAN, noting that it rivals and in some areas surpasses that of federal institutions.
He emphasized that this collective expertise, if effectively leveraged, can significantly influence national policy.
The Chairman also reflected on the debt overhang during President Obasanjo’s tenure, which was addressed through the efforts of Dr. Ngozi Okonjo-Iweala, and expressed concern that the nation may be approaching a similar challenge.
The symposium featured an in-depth discussion on Nigeria’s macroeconomic pressures, fiscal planning, and debt management strategies, with expert contributions from Dr. Tope Fasua, Dr. Ibrahim Natagwandu, Prof. Bright Eregha, Dr. Musa Baba, and Prof. Bango Adi. The session was moderated by Nancy Nnaji and hosted by Prof. Uche Uwaleke, President of the Capital Market Academics of Nigeria (CMAN).
According to the symposium deliberations, Nigeria’s debt management strategy is anchored on a structured Medium-Term Debt Framework aimed at efficiently refinancing maturing obligations, increasing the debt maturity profile, and keeping interest-rate exposure low.
The strategy focuses on rebalancing the domestic–external debt to limit exchange-rate vulnerabilities and strengthening revenue mobilization to address structural fiscal weaknesses. Borrowing is to be directed toward productive, infrastructure-focused projects with clear economic value.
The symposium highlighted that Nigeria’s debt and fiscal reforms are shaped by the need to address revenue shortfalls, close the infrastructure gap, and correct long-standing macroeconomic imbalances.
Discussions emphasized that previous reliance on monetary financing and subsidy-driven fiscal pressures contributed to rising debt and weakened budget credibility. Recent reforms, such as eliminating the ways-and-means window, removing fuel subsidies, improving oil production transparency, and recalibrating debt composition, were noted as steps toward restoring fiscal discipline.
However, concerns persist around the debt service–to–revenue ratio, exchange-rate driven revaluations, and the rising cost of external obligations. Participants highlighted the need for comprehensive debt accounting, stronger fiscal discipline, and improved macroeconomic conditions to limit refinancing risks and reduce pressure on government finances.
The symposium also highlighted Nigeria’s urgent need to strengthen domestic resource mobilization, noting that tax revenue remains at 10% of GDP compared to the African average of 20%.
In response, the government has introduced key revenue-enhancing measures, including the Revenue Assurance and Optimization (RevOp) programme, designed to close leakages and improve compliance; a central billing system aimed at unifying and automating government revenue collection; and the Federal Treasury Receipts System, which enhances transparency and real-time monitoring of payments.
Based on the presentation, panelists’ discussions, and comments from participants, several recommendations were made. These include strengthening domestic revenue mobilization, fully implementing tax-enhancing initiatives, and increasing public awareness and transparency around revenue reforms to boost compliance and trust. Other recommendations include continuing to apply the Medium-Term Debt Strategy, rebalancing the debt mix to reduce vulnerability to exchange rate shocks, and limiting the use of Ways and Means financing.
The symposium concluded with the Chairman expressing gratitude to the discussants and moderator, and encouraging participants to continue discussions on the theme through the online platform. Professor Maryam Abdul gave the closing remarks, emphasizing the need for sustainable economic policies and reforms to address Nigeria’s rising debt profile and promote economic growth. Sustainability Imperatives
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