12/10/2026
PRESS STATEMENT
12th October, 2026
NIGERIA'S DEBT TRAP AND FDI COLLAPSE: A NATION SURVIVING ON HOT MONEY WHILE DROWNING IN DEBT
The Afenifere National Youth Council has received with deep alarm the twin reports from the World Bank and FMDQ on the state of the Nigerian economy:
1. That Nigeria spent N7.7 trillion servicing debt in H1 2026, representing 124% of total revenue, with interest payments alone exceeding revenue by N1.5 trillion.
2. That Foreign Direct Investment (FDI) plunged by 92% to a paltry $11 million in September 2026*, while the economy is being sustained by $2.9 billion in volatile Foreign Portfolio Investment (FPI) - what economists call hot money.
These are not just statistics. They are red flags that our economy is in intensive care.
Our Position:
A. On N7.7trn Debt Service Consuming 124% of Revenue:
This is no longer debt sustainability; it is debt enslavement. When a nation spends more than it earns just to pay interest, it means we are borrowing to pay interest on old borrowing. We are mortgaging the future of Yoruba youth and Nigerian youth at large.
While we acknowledge the reforms of the Federal Government have improved revenue collection, what is the use of higher collection if it is immediately consumed by debt? This is like fetching water with a basket.
We ask: Where is the fiscal discipline? Where is the cut in cost of governance? Why should the Nigerian youth bear the pain of subsidy removal and devaluation while the political class continues with profligacy?
B. On FDI Plunge to $11m vs $2.9bn Hot Money:
This is the most dangerous signal. FDI builds factories, creates jobs for our graduates, and transfers technology. FPI (hot money) comes to the stock market today and can leave tomorrow with one click, crashing the Naira.
A 92% collapse in FDI means foreign investors do not trust the long-term stability of our economy. They see policy inconsistency, insecurity, multiple taxation, and lack of infrastructure. They are not ready to bring brick-and-mortar investments.
CBN selling 66% less FX and domestic supply drying up shows the real economy is shrinking while speculators dominate.
You cannot build a $1 trillion economy on hot money. It is a house built on sand.
Our Demands:
1. The Federal Government must as a matter of urgency declare a State of Emergency on Cost of Governance and cut wasteful expenditure at the executive and legislative arms.
2. The National Assembly must halt further approval of foreign loans until a comprehensive debt audit and repayment plan is made public.
3. The CBN and Ministry of Industry, Trade and Investment must explain to Nigerians why FDI has collapsed and roll out immediate ease-of-doing-business reforms that address insecurity in the South-West and across Nigeria, power supply, and policy summersaults.
4. We call on President Bola Ahmed Tinubu to redirect focus from portfolio inflows to real industrial incentives that will bring back FDI to our industrial estates in Agbara, Oluyole, Akure, and Sango-Ota.
Nigeria cannot continue to borrow to service debt and celebrate hot money as investment. Our generation will be the one to pay for this crisis if it is not addressed now.
We will not keep silent.
Signed:
Prince Eniola Joseph Ojajuni
National President,
Afenifere National Youth Council [ANYC]
Abiodun Aderohunmu
National Secretary Afenifere National Youth Council