{"id":7078166,"date":"2026-10-06T13:47:18","date_gmt":"2026-10-06T13:47:18","guid":{"rendered":"https:\/\/fivemor.com\/?p=7078166"},"modified":"2026-10-06T13:47:18","modified_gmt":"2026-10-06T13:47:18","slug":"what-debt-problem-nonso-obikilis-blog","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7078166","title":{"rendered":"What debt problem? \u2013 Nonso Obikili&#8217;s Blog"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p class=\"wp-block-paragraph\">For a while<br \/>\n last year I harped on and on about what looked like a country headed<br \/>\ntowards a debt crisis. Cue words like alarmist and so on being thrown<br \/>\naround. It appears that the obvious is <a href=\"https:\/\/www.thecable.ng\/debt-levels-fast-approaching-pre-2005-paris-club-level-cbn\/amp\" rel=\"noreferrer noopener\" target=\"_blank\">now becoming even more obvious<\/a>. What is interesting to me though is how history tends to repeat itself.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/nonsoobikili.wordpress.com\/wp-content\/uploads\/2019\/01\/61043-1vwnaq2_thppdxqpdzlsutw.png\" alt=\"\"\/><\/figure>\n<p class=\"wp-block-paragraph\">The<br \/>\n table above shows the federal government\u2019s financial position through<br \/>\nthe 70s until the mid 80s. The story is eerily similar. Oil boom.<br \/>\nIncreased debt in spite of oil boom and in expectation of continued oil<br \/>\nboom. Oil crash. Increased debt to \u201cget the economy back on track by<br \/>\nspending on infrastructure\u201d. External debt? As long as we spend it on<br \/>\ninfrastructure we should be fine. Debt crisis. It\u2019s almost like D\u00e9j\u00e0 vu.<\/p>\n<p class=\"wp-block-paragraph\">Of<br \/>\n course the cop-out if there is one is that the spending on<br \/>\ninfrastructure did not lead to growth because of corruption. Really.<\/p>\n<hr class=\"wp-block-separator\"\/>\n<p class=\"wp-block-paragraph\"><em>I<br \/>\n have a monthly economic update which you can subscribe to get my<br \/>\npersonal thoughts and insights on issues regarding the Nigerian economy.<br \/>\n <\/em><a href=\"https:\/\/jarida.co\/list\/9c6c3698e6d44ec49d66cb30b111b2e7bc420668\" rel=\"noreferrer noopener\" target=\"_blank\"><em>Here.<\/em><\/a><\/p>\n<p><span id=\"wordads-inline-marker\" style=\"display: none;\"\/>\t\t\t\t\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>For a while last year I harped on and on about what looked like a country headed towards a debt crisis. Cue words like alarmist and so on being thrown around. It appears that the obvious is now becoming even more obvious. What is interesting to me though is how history tends to repeat itself. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7078168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124782,109679,122068],"tags":[3767,11265,76543,122069,4106],"dealstore":[],"offerexpiration":[],"class_list":["post-7078166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt","category-nigeria","category-random-thoughts","tag-blog","tag-debt","tag-nonso","tag-obikilis","tag-problem"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What debt problem? \u2013 Nonso Obikili&#039;s Blog - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=7078166\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What debt problem? \u2013 Nonso Obikili&#039;s Blog - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"For a while last year I harped on and on about what looked like a country headed towards a debt crisis. 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