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. Related News Listed firms remit N580bn Q1 taxes to govt Food prices jump 5% after Hormuz closure — W’Bank What Nigeria’s new tax direction means for young entrepreneurs