Nigeria’s national debt is terrifying
There’s a cold phrase that gets bandied around in acronym-heavy press-releases from the UN, IMF, G7, et al – HIPC. It stands for Highly Indebted Poor Countries, who were in danger of being swamped by debt before covid-19 crashed the world economy. What does HIPC mean for folk on the ground? Dataphyte has taken a look at Nigeria’s books for the first half of this year, and discovered that the country has spent 72% of total government revenues on debt payments, leaving just over a quarter of the tax take for the small stuff like salaries, welfare, infrastructure and so on.