Broadcasting
Is Nigeria Economically Broke? Challenges and Opportunities in Africa’s Largest Economy
Is Nigeria, Africa’s largest economy, economically broke? It is a question no patriotic citizen wants to confront, yet one that confronts every Nigerian daily at the fuel pump, the market stall, the school gate, the hospital reception, and increasingly, in the national accounts. The country’s fiscal reality is no longer a debate in economic circles alone; it is a lived experience for millions and a gathering storm for future generations.
To understand the gravity of the nation’s situation, one must look beyond political speeches and interrogate Nigeria’s borrowing patterns, revenue profile/debt numbers, public spending, and the economic behavior of both federal and state governments under President Bola Ahmed Tinubu’s. administration. What emerges is a troubling picture as taxation is squeezing small businesses, borrowing is mortgaging the nation’s tomorrow, and shockingly, the trillions shared among federal, state, and local governments every month translate into little visible development. Nigeria’s books show figures, but her streets show a different reality.
Since President Bola Ahmed Tinubu assumed office in June 2023, Nigeria’s public debt has spiraled from N33.3 trillion to N152.4 trillion by mid-2025 which represents a staggering 348.6 percent increase in just two years. Economies do not collapse overnight; they weaken gradually, sending warning signs that only become obvious in hindsight. Nigeria is flashing all the red signals today. Between July and October 2025 alone, the government secured over $24.79 billion, €4 billion, ¥15 billion, N757 billion, and another $500 million in sukuk bonds. These figures, in a functional economy, should translate into expanded electricity capacity, world-class healthcare systems, vibrant industries, better roads, thriving SMEs, and export-oriented value chains. Instead, much of Nigeria’s real sector remains stagnant as energy is unstable, industrial output is weak, and infrastructure remains largely stuck in the realm of political promises.
Borrowing, in itself, is not the crime. Nations borrow to grow. Borrowing becomes a problem when the funds are not directed toward productive, self-liquidating projects capable of paying back the debt through increased economic activity. Nigeria borrows aggressively but produces too little. The loans are not translating into productivity or growth, which is why the debt-servicing burden continues to rise. Today, more than 90 percent of government revenue is spent on servicing old debts. In some quarters, debt servicing now consumes 25 percent of Nigeria’s entire annual revenue. This means that governance has been reduced to fiscal survival, with vital sectors such as education, healthcare, and industrialization competing for the crumbs left after creditors take their share.
Professor Uche Uwaleke of Nasarawa State University captured it aptly: “Nigeria’s debt service ratio is inimical to economic development… The opportunity cost for the country is high.” The tragedy is clear as the country has substituted borrowing for revenue and debt servicing for development. At the 2025 IMF and World Bank Meetings, global leaders lamented Africa’s growing debt, which has now exceeded $1.3 trillion. Sub-Saharan African governments spent over $89 billion servicing debts in 2025 alone. Yet Nigeria’s case stands out because of its size, population, weak industrial base, and persistent revenue leakages. Nigeria continues to borrow through Eurobonds, multilateral loans, bilateral facilities, and sukuk instruments, even without a corresponding rise in productivity. This raises a painful but necessary question: if these loans are development financing, where is the development?
Recently, the House of Representatives approved President Tinubu’s request to borrow $2.35 billion to finance part of the 2025 budget deficit. This is not borrowing to invest, it is borrowing to plug holes, pay salaries, and service existing debts. This is fiscal survivalism, not economic transformation. Countries that borrow to build infrastructure grow out of debt. Countries that borrow to fund recurrent expenditure sink deeper into it. Nigeria is drifting toward the latter.
The African Democratic Congress (ADC) bluntly accused the president of being “addicted to debts,” noting that if all requested loans for 2025 are approved, Nigeria’s debt stock could reach N193 trillion. The Debt Management Office confirmed the possibility. In the ADC’s words: “You cannot claim your house is in order while taking new loans to stop the roof from collapsing.” The loan in question was the N1.15 trillion request by President Tinubu to fund the 2025 budget deficit, which the Senate and House of Representatives gave their approval during last Wednesday’s plenary.
Despite government assurances that inflation is easing by recording 18.02 percent headline inflation and 16.87 percent food inflation, Nigerians feel no relief. Prices remain high, purchasing power continues to collapse, and businesses are shutting down. There is no statistical comfort in an empty dinner plate.
While federal borrowing continues to dominate conversations, an equally critical yet often ignored dimension lies at the state level. Since the fuel subsidy removal in June 2023, state governments have become quiet but major beneficiaries of the enlarged FAAC allocations as a feeding bottle.
NEITI and OAGF/NBS records show that between June 2023 and June 2025, FAAC distributed N25.65 trillion yet few Nigerians can point to commensurate development in their states. Roads remain terrible. State industries are dead. Capital projects are abandoned. Health and education sectors are underfunded. Internally generated revenue remains weak.
Many states have weaponized FAAC allocations into a system of dependence. They line up monthly for their share but fail to harness the natural resources, agricultural potential, tourism corridors, or industrial hubs available within their territories.
Nigeria’s fiscal health is not a function of what federal government collects alone, it is a function of what the states produce. Development is a chain; a weak link breaks the entire system. Many states have become consumption centers instead of production hubs, contributing significantly to the national productivity crisis. Until FAAC allocations are tied to measurable development outcomes, Nigeria will continue to share poverty, not prosperity.
All these realities force Nigerians to ask again if Nigeria is economically broke?
A country is economically broke:
· when it borrows to survive rather than to grow;
· when it spends the bulk of its income servicing old debts;
· when its states depend on allocations instead of productivity;
· when taxation cripples rather than empowers businesses; and
· when development is measured by political speeches, not real outcomes.
By these metrics, Nigeria is edging dangerously close to fiscal insolvency, living on borrowed money and borrowed time.
Yet despite this troubling landscape, Nigeria’s economic prospects are not irredeemable. The country possesses immense opportunities that, if harnessed, could transform its economic future to becoming one of the most vibrant in the world.
1. Diversification: Agriculture, Technology, and Services –
Nigeria’s over-reliance on oil remains its most dangerous economic vulnerability. Oil accounts for more than 90 percent of export earnings and over half of government revenue. A single fluctuation in global oil prices can destabilize the entire economy. Diversification is not optional; it is a national emergency.
Agriculture, however, offers a powerful alternative. With vast arable land, abundant labor, and high domestic demand, agriculture can drive food security, export expansion, and industrial value chains.
Technology stands as another frontier of opportunity. Nigeria’s youthful population, fast-rising digital economy, and growing tech hubs offer pathways for innovation, employment, and global competitiveness.
The services sector which consists of telecommunications, finance, logistics, entertainment, and tourism also holds massive potential to absorb millions of jobs and stimulate economic growth and reduce reliance on oil revenue.
2. Job Creation and Youth Productivity:
Nigeria’s unemployment and underemployment rates remain dangerously high, particularly among young people. A productive youth population is an economic asset; an idle youth population is a socio-economic risk. Entrepreneurship support, industrial hubs, vocational training, and SME financing can unlock millions of new jobs.
3. Infrastructure Development:
However, none of these sectors can thrive without addressing Nigeria’s infrastructural deficit. Poor power supply, crumbling roads, inefficient transport systems, and inconsistent regulatory policies continue to choke businesses. Infrastructure is the backbone of any modern economy; without it, productivity remains low regardless of potential.
4. Governance, Transparency, and Anti-Corruption:
Governance and transparency play an equally critical role. Nigeria cannot build a productive economy on the foundation of corruption, mismanagement, and opaque financial practices. Strengthening institutions, enforcing accountability, digitizing public services, and ensuring full transparency in FAAC disbursements, budget execution, and loan utilization are essential steps toward restoring public trust and investor confidence. Transparency must become the norm not the exception.
The path to a resilient Nigerian economy requires a national reset in fiscal discipline. The following steps are critical:
– Borrowing must be tied strictly to revenue-generating, self-liquidating projects.
– Recurrent expenditure borrowing must stop.
– Debt ceilings should be legally enforced.
– States must be compelled to boost local productivity and mobilize internal revenue.
– FAAC allocations should be linked to measurable development benchmarks.
– Public finance transparency must be non-negotiable
– Economic diversification must be pursued with urgency, not rhetoric.
Currently, Nigeria stands at an intercession. One path leads to deeper debt, economic stagnation, and a future where the next generation inherits nothing but liabilities. The other path leads to reform, productivity, innovation, and the emergence of a strong, resilient economy capable of withstanding global uncertainties.
So, is Nigeria economically broke? The uncomfortable truth is that Nigeria is not yet bankrupt but it is dangerously close. A nation cannot continue borrowing to survive, consuming more than it produces, or neglecting the engines of real growth. The time for action is now. Nigeria’s challenges are vast, but so are her opportunities. With discipline, transparency, and visionary leadership, Africa’s largest economy can still reclaim its promise and chart a sustainable path toward shared prosperity.
Blaise, a journalist and PR professional writes from Lagos, can be reached via: [email protected]
Nigeria’s pay-TV industry is facing one of its toughest periods in years as consumers increasingly migrate from conventional antenna and decoder-based television services to cheaper, more flexible and on-demand streaming platforms
The shift is putting pressure on established operators, such as MultiChoice, owners of DStv and GOtv; StarTimes and other traditional pay-TV providers, whose business models have long depended on recurring monthly subscriptions as per report by Business Hallmark.
According to Business Hallmark, the changing consumer behaviour is being driven by a combination of factors, including demographic transition, rising subscription costs, declining household purchasing power, improved internet access and the growing popularity of streaming services that allow viewers to pay for specific content or watch programmes at their convenience.
Streaming platforms are steadily expanding their appeal, offering consumers access to movies, sports (especially football matches and wrestling bouts), local content and international programs through smartphones, smart televisions and other internet-enabled devices.
Also, the proliferation of affordable data packages and connected devices has lowered the barrier to entry, allowing consumers to bypass traditional decoders altogether and consume content directly online.
Three of the major factors behind the changing behaviour of Nigerian television consumers are growing internet access, economic squeeze and changing demography.
Pay-TV subscriptions, once regarded by many households as a relatively affordable source of entertainment, are now competing with several other demands on disposable income.
For instance, entertainment spending are increasingly being subjected to tougher scrutiny with household budgets under pressure from food, tuition, transportation, electricity, housing and other essential costs.
Business Hallmark checks revealed that frequent price reviews by MultiChoice Nigeria’s have pushed the firm’s products beyond the reach of many Nigerians.
One of its products, GOtv, initially designed for average Nigerians, has six packages, namely GOtv Supa Plus, GOtv Supa, Gotv Max, GOtv Jolli, GOtv Jinja and GOtv Smallie.
GOtv Supa Plus with over 85+ channels currently goes for a monthly subscription fee of N16,800; GOtv Supa N11,400; Gotv Max N8,500; GOtv Jolli N5,800; GOtv Jinja N3,900, while GOtv Smallie subscribers choose between the N1,900/monthly, N5,100/quarterly and N15,000/annually options.
Similarly, following multiple tariff reviews, DStv Premium currently goes for N44,500 monthly; DStv Compact Plus N30,000; DStv Compact N19,000; DStv Confam N11,000; DStv Yanga N6,000 and DStv Padi N4,400.
On the other hand, StarTimes, which serves its customers through antenna signal transmission and satellite transmission, has only three bouquets, Nova, Basic, and Classic.
While Classic, the most expensive bouquet on the StarTimes’ shelf currently cost N6,000 monthly, Basic costs N4,000, while Nova costs N2,100.
While speaking to our correspondent on the major shift, some consumers explained that the choice is no longer between different pay-TV providers but between maintaining a television subscription and cancelling it altogether.
Eighty-two Nigerians, representing 68% of the 120 Pay-TV subscribers, who participated in an online survey conducted by Business Hallmark, said they opted for less expensive and more flexible alternatives, including YouTube and a growing range of streaming platforms, using smartphones, laptops, smart televisions and other internet-enabled devices to access entertainment.Geographic Reference
According to the respondents, the shift towards streaming lies partly in its flexibility. Instead of waiting for a program to be broadcast at a scheduled time, viewers now search for specific films, series, sporting events or other contents, which can be watched immediately, or downloaded to be watched or listened to later.
“I now watch contents when I want, across multiple devices, without necessarily being tied to the traditional channel and time-based television experience”, said Tolu Olamiti, an accountant in an audit firm in Lagos.
Another factor that is fueling the exodus from pay-TV model is the growing youth population. Checks revealed that online streaming is particularly attractive to phone-savvy younger viewers, whose television consumption habits are markedly different from those of previous generations.
While underage children watch cartoons and educational programs mostly from their parents or older siblings internet-enabled gadgets, teenagers and adults now watch news, sports programs and films through live streaming or download preferred programs to be watched later.
“With N200 data, I can download several new films to be watched at my convenience, instead of the old films, which providers always repeat on their channels. I also listen to music through out the day without worrying about electricity as my phone can go 2 days after full charge”, said Chukwuemeka Ibe, a student of Lagos State University (LASU).
In the same vein, access to fast and cheap internet plans is helping to drive the streaming surge. For instance, a subscriber can get a daily 1G data plan on the MTN Nigeria platform for just N200. This data plan can be used to download up to 1,000MB movies, or for streaming several hours of music online.
According to official statistics from the Nigerian Communications Commission (NCC), internet consumption in Nigeria reached 13.2 million terabytes in 2025, representing a 35 per cent increase from 2024, while average monthly data usage per active subscriber increased from 3.3 gigabytes in January 2023 to 7.4 gigabytes by May 2025.Geographic Reference
The NCC data indicates growing reliance on mobile internet services and digital platforms across the country with active internet subscriptions rising from 169.3 million in January 2025 to 182.2 million by January 2026.
Also, active internet subscriptions also surpassed 142 million.
Before the advent of internet, traditional pay-TV operators had ruled the television viewing industry largely through channel packages, exclusive content and decoder penetration. However, the rise of streaming has fundamentally altered the competitive landscape of Nigeria’s entertainment industry.
Fueled by the spread of smart devices and improved internet connectivity, streaming companies have been able to compete with traditional TV and radio providers through original programming, on-demand access, convenient timing and increased personalized viewing experiences.
A subscriber, who previously needed a satellite dish or digital terrestrial television decoder to access premium entertainment, can now use a smartphone or smart television and an internet connection.
The proliferation of affordable smartphones has further accelerated the process. Mobile phones have become entertainment devices for millions of Nigerians, particularly younger consumers, who spend more time watching short-form videos, movies and online programs than conventional television.
Also, social media platforms have become important competitors for consumers’ limited attention. YouTube, Facebook, Instagram, TikTok and other digital platforms provide enormous volumes of free or relatively inexpensive video content, forcing traditional broadcasters to compete not only for subscribers but also for viewers’ time.
Several pay-TV subscribers, who spoke to our correspondent on the matter, said providers can no longer justify the traditional model of paying a fixed monthly fee for hundreds of channels they rarely watch.
Awba-Ofemili Development Union (ADU) Health Committee has officially announced the launch of the Awba-Ofemili Health Awareness Campaign 2026, a community-wide initiative designed to promote preventive healthcare, disease awareness, early detection, health education, and healthy living across Awba-Ofemili.
Awba-Ofemili Health Awareness Campaign
The campaign, themed “Beyond Elu-Ulee (Buruli Ulcer): Building a Healthier Awba-Ofemili,” will be held on Thursday, 17 September 2026, at the Civic Centre, Awba-Ofemili, beginning at 9:00 a.m.
The programme builds on the success of the committee’s maiden Elu-Ulee (Buruli Ulcer) Awareness Campaign, which raised awareness on Buruli ulcer and strengthened community engagement on preventive healthcare.
According to the Chairman of the ADU Health Committee, Ogbuefi Remmy Nweke, KSM, the 2026 campaign represents a significant expansion of the committee’s health intervention agenda.
“This campaign is about moving beyond awareness to action. We want to deepen community health education, encourage early detection of preventable diseases, strengthen school health initiatives, promote First Aid awareness, and build sustainable partnerships that will improve the health and well-being of our people,” he said.
The 2026 campaign will feature community health education, free basic health screening, school health support, First Aid awareness programmes, and stakeholder engagement with healthcare professionals, development partners, and community organisations.
The committee has called on sons and daughters of Awba-Ofemili, residents, friends of the community, corporate organisations, philanthropic individuals, NGOs, healthcare institutions, and development partners to support the initiative through financial contributions and strategic partnerships.
To support the implementation of the campaign, the ADU Health Committee has opened a dedicated fundraising channel through Fidelity Bank Plc, with donations payable to Awba-Ofemili Education Volunteers (Account No. 6060490921).
The Committee appealed to all supporters to use “HEALTH FUND” as the transfer narration so that contributions can be properly recorded and accounted for under the ADU Health Committee Health Fund.
Secretary of the ADU Health Committee, Mr. Cornelius Nwakonobi, emphasized that every contribution would make a meaningful impact.
“No donation is too small. Every contribution will support community health education, medical outreach, school health programmes, First Aid support, and preventive healthcare initiatives. Together, we can build a healthier, stronger, and more resilient Awba-Ofemili,” he stated.
The ADU Health Committee reaffirmed its commitment to working with government agencies, healthcare professionals, development organisations, the Nigerian Red Cross, community stakeholders, and the Awba-Ofemili diaspora to advance sustainable health interventions in the community.
For partnership enquiries, sponsorship, or additional information, interested organisations and individuals are encouraged to contact the ADU Health Committee Secretariat.
Broadcasting
NBC Files Fresh Appeal against Judgment Barring it from Imposing Fines on Broadcast Stations
National Broadcasting Commission (NBC) has filed an application seeking the permission of the court of appeal to file a fresh appeal against the judgement of the federal high court in Abuja barring it from imposing fines on erring broadcast stations.
In the application filed at the court of appeal in Abuja by Dapo Akinosun, counsel to the NBC, the commission argued sanity in Nigeria’s broadcasting sector is under threat and that the public interest would be better served if the court grants the application.
On January 17, 2024, Rita Ofili-Ajumogobia, a judge at the federal high court in Abuja, restrained the NBC from imposing a N5 million fine on broadcast stations sanctioned in 2022 over allegations of “undermining Nigeria’s national security by broadcasting documentaries on banditry in Nigeria”.
The affected broadcast stations were Multichoice Nigeria Limited, owners of DSTV; TelCom Satellite Limited (TSTV); Trust-TV Network Limited; and NTA StarTimes Limited.
The suit was filed by Media Rights Agenda (MRA).
Dissatisfied with the ruling, the NBC appealed the judgement filed an appeal at the court of appeal in Abuja.
In June, the court of appeal dismissed the commission’s appeal, holding that it was “fundamentally defective” and incompetent.
Jane Inyang, lead judge of the panel, held that the parties before the lower court were identified as “Incorporated Trustees of Media Rights Agenda (as applicant) and National Broadcasting Commission (as respondent)” but in the notice of appeal the purported appellant was described as the “Nigerian Broadcasting Commission”,
The judge held that the discrepancy was significant and that the court lacked jurisdiction to entertain the commission’s appeal.
In the application, the NBC urged the court to grant it leave to raise and argue a fresh issue on appeal relating to the legal capacity of MRA to institute and maintain the original suit before the lower court.
The commission argued that the defect in the earlier notice of appeal, which resulted in the dismissal of its appeal, arose “solely from an inadvertent misdescription” of its name by its lawyer.
The NBC told the court that the subsisting judgement raises questions on the commission’s statutory powers to regulate broadcasting and enforce compliance with broadcasting standards in Nigeria.
The commission argued that the subsisting judgment is capable of creating uncertainty regarding its regulatory powers if it is allowed to stand.
The NBC also argued that without the pronouncement by the appellate court on the issues raised in the appeal, its regulatory framework would be weakened.
“A weakened regulatory framework may embolden non-compliance with established broadcasting standards, thereby increasing the dissemination of false, misleading and unverified information capable of causing unnecessary public anxiety, panic and social unrest,” the NBC said.
“Absence of effective regulatory oversight may further encourage irresponsible broadcasting practices and the misuse of broadcast and digital media platforms by persons who deliberately publish sensational, inaccurate or inflammatory content to intimidate, harass or unduly influence individuals, institutions and public discourse.”
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