President of the Institute of Chartered Accountants of Nigeria (ICAN), Chidi Ajaegbu, has warned that the naira could face another round of devaluation after the 2027 general elections due to the government’s rising debt profile.
Speaking at a public lecture organised by the Department of Accounting and Finance, Godfrey Okoye University, Enugu, Ajaegbu cautioned that Nigeria’s excessive borrowing was driving the nation toward deeper economic challenges.
“A few days after 2027, they might devalue the currency,” Ajaegbu said, noting that while the naira had remained relatively stable for months, sustained borrowing could undermine its value.
He urged the government to reduce dependence on foreign loans, especially from the World Bank, which he said often comes with exploitative conditions. Instead, he called for greater reliance on the stock market to mobilise long-term funds for national development. The ICAN president also emphasised accountability and judicial reform as prerequisites for investor confidence, warning that unchecked corruption and poor governance could worsen Nigeria’s economic outlook.
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