The Nigerian government is officially spending more than it earns on servicing its debt (domestic and local). Between January and April 2022, Nigeria made a total budget revenue of ₦1.4 trillion but paid ₦1.9 trillion in debt servicing; that's 120% of the revenue going to paying back loan interest. With the government not earning enough to pay back interest on its debt, it is difficult for the country to spend on more critical development areas like healthcare and education.
That means the average Nigerian is not expecting ASUU’s five-month strike to end this year because the government has no money to pay lecturers to return to class.
The country has been on this trajectory since 2020 when the debt servicing ratio (the proportion of government’s revenue spent on debt) hit 98%. However, noticing the trend in the graph above,