Yes...
A little slip there but the truth seems to be one really massive level of indebtedness on the part of the local airlines, when one has to ask how this has been allowed to happen!
Yes, it goes "million, billion, trillion" in American English with each increment one thousand times the preceding one. I just looked it up and found that, according to Wiki, the naira is around 170 to the US dollar so that 170 billion naira should be about $1,000,000,000.00. Wow! Given that there are no really huge Nigerian airlines, how does one accumulate such an enormous debt doing normal business? At a guess, you just pocket all the revenue, pay nothing back on any of your owings and then hope for the usual collapse/bailout/final collapse scenario that allows you to keep most of the money, not just the money you misappropriated in the first place but even more good money thrown after bad. You, like so many rascals before you, will have thoroughly screwed your workers, the Nigerian government and, not least, all those foreign entities you signed on the dotted line with yet suffer no consequences at all. No, you will be just another brave Nigerian entrepreneur who has fallen victim to the foreign-dominated world of aviation, especially given that you have occasionally "sprayed" your gullible local supporters with cheap naira while socking away those valuable dollars abroad.
I remember very well stories of the once-operator of the so-called "largest airline in Africa" doing that, sort of tossing naira out of his car to the rabble in the middle of his hometown while also owing enough dollars to some of his unpaid expats to cause a minor diplomatic incident! The gullible locals seemed to go for the naira without bothering to think about the dollars there, when we could only shake our heads. Here that bit of history seems to have repeated itself in multiples with even bigger sums being stolen, really.
"Business as usual," in other words, acting as if you were just standing there minding your own business when you were struck by lightning or perhaps you were a victim of the colonialists or racists or whatever or whomever. It should be interesting to dig through the back pages of all those who roundly denounced anyone casting doubt upon the Arik business model, just for one, once this debacle has played itself out in the not-too-distant future. Not that that will make anyone exactly happy or even cause much to change in the way Nigeria sets up and runs its aviation sector!