Nigeria’s 2024 budget emphasizes heavy debt servicing, which will consume 30% of the 27.5 tln naira (USD 34.7 bln) budget. This allocation is six times higher than the combined budget for building new schools and hospitals in the country. Healthcare and education will consume 5% and 7.9% of the budget, respectively. Over 40% of Nigeria’s population lives in extreme poverty, and high debt servicing costs present challenges to President Tinubu’s goal of economic growth and poverty reduction.