A financial journalist, Dr Akin Olaniyan, has decried Nigeria's rising debt profile, noting that each Nigerian citizen now owes N385,000 of the total debt of the country which stood at N77 trillion in the first quarter of 2023.
Speaking at media training organised by Polaris Bank in Lagos, he said: "The new administration has inherited about N77 trillion in debts.
"The deficit financing has risen by 370.54 % from N2.41 trillion in 2016 to N11.43 trillion in 2023. By May 29, 2023, every Nigerian owed N385,000. This rising debt among other things has caused Nigeria two recessions in the last 8 years (2016 & 2020)."
He also admonished reporters on how best to report in a depressed economy, saying: "Journalist should adhere to the core news value of objectivity, proximity, balance, and reflection of social, cultural, and moral ethics in their reports of the Nigerian economy which is presently depressed owing to rising debt profile, two economic recessions in the last eight years despite the country's huge potential for growth and rapid development.
He urged them to avoid subjectivity, biases, and prejudices in the way issues are presented to their audiences and stressed the importance of staying contextually up to date with the responsibilities and obligations that come with being a reporter in a specific area of specialization.
