Psychiatrists have advised Nigerians to avoid borrowing beyond their repayment capacity, warning that mounting debts and pressure from creditors could expose them to psychological distress and mental health problems.
The experts said the burden of repaying loans amid rising living costs could trigger persistent anxiety, emotional distress and other mental health challenges in debtors.
The psychiatrists, however, stressed the need for people experiencing financial difficulties to seek help rather than allow debt-related worries to overwhelm them.
The experts stated this while reacting to the latest Economic Report of the Central Bank of Nigeria, which stated that Nigerians now borrow more.
In the report, personal loans obtained by Nigerians rose to an estimated N2.06tn in May 2026.
The figure, calculated from data contained in the CBN’s May 2026 Economic Report, represents about 64.78 per cent of the N3.18tn total consumer credit outstanding during the month.
The apex bank said consumer credit increased
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