Nigeria: For every $1 billion external loan repaid in the past decade, approximately $3 billion was borrowed
Nigeria's debt burden has been a growing concern, with data revealing that for every $1 billion external loan repaid in the past decade, approximately $3 billion was borrowed. Here, we look at how the country has managed its external debt in the past ten years.
The Federal Ministry of Arts, Culture, and Creative Economy received a total of ₦71.7 billion in the 2025 budget.
The National Commission for Museums and Monuments got the highest allocation of ₦15 billion.
Visual and film industries received notable funding of ₦10.1 billion for the National Gallery of Art and ₦8.4 billion for the Nigerian Film Corporation.
The National Council of Arts and Culture was allocated ₦7 billion.
The National Film and Video Censors Board received ₦4.4 billion, emphasising regulation and content oversight.
Institutions like the Centre for Black and African Arts and Civilisation, which promotes African identity, received ₦3.5 billion.
Enugu led the country in IGR growth in 2024 with a 433% increase.
Bayelsa, Jigawa, Kano, and Osun also experienced large year-on-year increases, indicating widening fiscal activity across regions.
Lagos, Rivers, and the FCT recorded slower growth rates but still generated the largest total revenues.
The fastest growth often came from states focused on reforming tax systems or broadening local revenue sources, rather than from being traditionally big or wealthy states alone.
