The International Monetary Fund (IMF) is projecting Nigeria will spend 92 percent of its earnings paying creditors this year. Agusto and Co, a local credit ratings firm, says the figure will be around 90 percent.
The Financial Times Africa Editor, David Pilling, wrote an article last month where he asked "What is Nigeria's government for?"
One of the possible answers to that is the government now exists to pay creditors. Not to invest in education, healthcare or infrastructure, as is expected of a develop
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