Nigeria's New Favourite Business Model: Borrow Today, Figure It Out Tomorrow

We have discovered a business model so powerful that everybody is using it, from the person in your family WhatsApp group to the Federal Government: borrow today, figure it out tomorrow. No business plan. No market research. Just confidence and a repayment date far enough away to ignore.

Start with the small players. Personal loans in Nigeria have climbed to about ₦2 trillion, according to CBN figures. That's rent, medical bills, school fees and, we strongly suspect, at least one outfit for a Saturday owambe. The loan app is the new cooperative society: open 24 hours, few questions asked, and fully aware that "I'll pay at month-end" is a lifestyle.

Now look upward, because the big players run the same model at a bigger scale. Nigeria's total public debt rose to ₦166.79 trillion as of June 30, 2026, up from ₦159.35 trillion on March 31. That's an increase of ₦7.44 trillion in just three months. Three months! That single quarter added more than three times the entire personal loan market. If your ₦50,000 app loan keeps you awake, read that number slowly and breathe.

So the model works at every level. The individual borrows to cover Tuesday, and the institution borrows to cover next year. Both say "we'll manage," and both treat the calendar as a repayment plan.

To be fair, borrowing isn't evil. Businesses borrow to grow, and countries borrow to build roads, power plants, and hospitals. The real question is what comes after "borrow." The model has two steps, and we keep skipping the second one. "Figure it out tomorrow" only works if tomorrow shows up with a plan. Otherwise it shows up with interest.

And interest never forgets a date. It doesn't care about your vibes, your fiscal framework, or your promise to "sort it out soon."

Here's the simple lesson. If a household needs a clear plan to repay a ₦50,000 loan, a country needs one for ₦166 trillion. Somebody should write it down in plain English, with dates, and share it where Nigerians can read it.

Until then, keep your phone close. Tomorrow has been calling.