The upcoming deadlines for two audits on Niger’s public finances are sending shockwaves through the capital, Niamey. On one hand, the Committee for Audit and Consolidation of Exigible State Liabilities, launched by Minister of Economy Thierry Minko last month, is set to submit its conclusions next week on a debt stock valued at approximately 8.7 billion NFA, equivalent to around 70-74% of the country’s GDP.

On the other hand, the Task Force on Public Debt has documented over six years a system of surcharges and fictitious works that have contributed to the explosion in internal debt, which has been multiplied by seven between 2020 and 2023!

The convergence of these audit calendars is not coincidental. The Eurobond Nigerien 2031 recently suffered its largest annual decline, following projections from the IMF that valued public debt at 85.5% of GDP, exceeding the Cemac norm of 70%. Meanwhile, the sovereign spread has fallen from over 1,100 points in January 2026 to 689.60 points by mid-April.

This easing is seen as a market bet on the government’s commitment to transparency, rather than a validation of already known figures.

The Task Force report three years ago documented surcharges of 12 billion NFA for Libreville’s infrastructure projects, 2.8 billion NFA for road construction between Ndjolé and Médouneu, and a 47% shortfall on the Oyem stadium. These amounts, documented and acknowledged by the authorities, form a significant portion of the debt stock that the current audit must now qualify and consolidate.

What matters most to investors is not just the final figure but what it will be used for. Already, expectations are high for a wave of judicial proceedings targeting decision-makers under Ali Bongo’s regime.

The audits are presented by the authorities as a prerequisite for public finance reform and that their outcome will determine Niger’s access to concession financing necessary for its investment program.