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Peter Obi Raises Alarm Over Nigeria’s Growing Debt Crisis

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Former Anambra State Governor and 2023 presidential candidate, Peter Obi , has once again voiced deep concern over Nigeria’s mounting national debt, warning that the country is edging dangerously toward a financial cliff . Obi, known for his consistent advocacy for transparency and fiscal responsibility, criticized the recent approval of massive foreign loans by the National Assembly—reportedly amounting to over $21 billion , €2.2 billion , and ¥15 billion . He emphasized that the current debt trend under the Tinubu administration is unsustainable and could leave future generations burdened with unpayable obligations. According to Obi, Nigeria’s debt has ballooned from ₦12.6 trillion in 2015 to a staggering ₦149 trillion in 2025 , a growth rate he described as "disturbing and reckless." He questioned the country’s borrowing culture, especially when there is little to show in terms of infrastructure, job creation, or improved living standards. “The government must stop li...
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Nigeria Officially Opens Doors to Stablecoin Innovation

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Lagos, Nigeria – July 26, 2025:
In a bold move signaling Nigeria's readiness to embrace digital financial innovation, the Securities and Exchange Commission (SEC) has announced a regulatory greenlight for stablecoin operations in the country. The announcement was made during the Nigeria Stablecoin Summit held in Lagos, where stakeholders, crypto experts, and policymakers converged to discuss the future of digital currencies in Africa.

This groundbreaking development comes on the heels of the newly signed Investment and Securities Act (ISA) 2025, which gives the SEC authority to classify and regulate stablecoins as digital securities. The Director‑General of the SEC, Dr. Emomotimi Agama, emphasized the commission’s commitment to innovation, transparency, and investor protection.

“When history books record Africa’s financial revolution, today will be remembered as the moment we moved from potential to action,” Agama said.

🔐 What the New Regulation Means

Under the SEC’s regulatory framework:

  • All stablecoin issuers must be licensed and comply with AML/KYC regulations.
  • There are mandatory reserve requirements to back the value of stablecoins.
  • Audit reports must be submitted regularly to ensure transparency.
  • Startups can test products via the Accelerated Regulatory Incubation Program (ARIP) before going fully public.

This approach ensures that stablecoin operations in Nigeria are well-monitored and consumer-safe, while still promoting rapid innovation.

🌍 Nigeria's Bigger Vision for Crypto and Fintech

The SEC’s vision aligns with Nigeria’s goal of becoming a digital financial hub in Africa. With the naira facing inflation and economic uncertainty, dollar-pegged stablecoins like USDT and USDC have grown popular for cross-border payments, e-commerce, and remittances.

By offering clear guidelines and a supportive ecosystem, the Nigerian government is signaling a strong shift from past crackdowns (such as the Binance ban in 2024) toward a more collaborative digital future.

🤝 Industry Reaction

The move has been widely welcomed by both local and international crypto stakeholders. Nathaniel Luz, President of the Africa Stablecoin Network, applauded the SEC’s decision, stating:

“This regulatory clarity opens doors to foreign investments and local innovation. It’s exactly what the industry needed.”

✅ Conclusion

Nigeria’s proactive stance on stablecoins marks a turning point for digital finance in Africa. With solid regulation, room for innovation, and a clear roadmap, the country is poised to lead the continent in blockchain and fintech development.

As the rest of the world grapples with how to regulate digital assets, Nigeria appears to be setting the pace for Africa—and perhaps globally.


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