President of the Institute of Chartered Accountants of Nigeria (ICAN), Chidi Ajaegbu, has warned that the naira may face another round of devaluation shortly after the 2027 general elections.
Speaking at a colloquium organized by Godfrey Okoye University in Enugu, Ajaegbu blamed Nigeria’s persistent borrowing spree for worsening economic vulnerabilities, describing past administrations’ debt habits as “reckless and unsustainable.”
He cautioned that excessive loans discourage investors and could trigger another currency crisis, despite recent months of relative stability.
Meanwhile, the Lagos Chamber of Commerce and Industry (LCCI) expressed concern over Nigeria’s rising public debt, now at ₦152.4 trillion, even as the nation’s rebased GDP surged by 41.7 per cent to ₦372.8 trillion.
LCCI President, Gabriel Idahosa, urged government at all levels to show fiscal discipline, ensure borrowed funds are channeled into productive ventures, and avoid overreliance on debt-financed recurrent spending to safeguard long-term stability.