Nigeria spends nearly five times more of its national revenue on servicing external debts than on healthcare and education combined, according to a new report by ActionAid International and ActionAid Nigeria.
In the report released on Tuesday, the international organisation accused the International Monetary Fund of pushing policies that have undermined social spending and worsened economic hardship.
The report, titled “Still Cooking with a Failed Recipe: A Review of IMF Country Advice on Social Spending, Public Services, Debt, Tax and Gender Equality”, examined 29 IMF documents across 11 countries, including Nigeria, between February 2022 and February 2025.
The countries studied included Brazil, Ghana, Kenya, Malawi, Nepal and Nigeria.
Others are Senegal, Uganda, United Kingdom, Zambia and Zimbabwe.
According to the report, Nigeria spends 20.1 per cent of its national revenue on external debt payments, compared to 4.06 per cent on health and 4.40 per cent on education.
It stated, “In
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