Stop Taking Loans To Avoid Mental Health Problems — Psychiatrists Warn Nigerians

By Micheal Chukwuebuka

Psychiatrists have warned Nigerians against taking loans they cannot repay, cautioning that mounting debts and pressure from creditors could trigger anxiety, emotional distress and other mental health problems.

The warning follows a Central Bank of Nigeria (CBN) report showing that personal loans reached N2.06tn in May 2026, accounting for 64.78 per cent of the N3.18tn in outstanding consumer credit. Total consumer credit rose by N50bn from N3.13tn in April.

Professor Taiwo Obindo, a University of Jos psychiatry professor and immediate past president of the Association of Psychiatrists in Nigeria, said unpaid debts could disrupt sleep and appetite, cause persistent low moods and potentially develop into mental health conditions.

He warned against loan sharks, citing abusive debt recovery practices, including the misuse of borrowers’ personal information and physical abuse of defaulters. He urged those struggling with debt to seek professional help, confide in trusted relatives or partners, and avoid using alcohol, drugs or sleeping pills to cope with stress.

Similarly, Consultant Psychiatrist Dr Samuel Aladejare said many Nigerians borrow to cover income shortfalls amid rising living costs. He explained that repeated calls and messages from debt collectors could cause anxiety, depression and fear whenever borrowers’ phones ring.

Aladejare urged Nigerians to spend within their means, warning, “Despite everything going on, we should try as much as possible not to allow desperation to push us into the hands of loan sharks who offer loans at very exorbitant rates.”