Saturday Southerner —Another View 

Saturday, February 28, 2026

Former President Olusegun Obasanjo and his then Finance and Co-ordinating Minister, Princess Ngozi Okonjo-Iweala worked hard to lobby and negotiate with the international financial institutions to get Nigeria out of her foreign debts including the Paris Club debt in 2005. It was a major economic achievement for the country.

It was the political will of that administration, their well articulated approach to credible economic reforms that removed Nigeria from international debtors’ list and the overhang.

Not long after OBJ left power succeeding administrations have borrowed much more since President Gooluck Jonathan era. Late President Muhammadu Buhari inherited a #42 trillion debt but, according to available reports, he skyrocketed it to about #77 trillion before leaving office. But we Nigeria is not done as the current administration has continued to pile up more debts without any iota of worry.

Under President Bola Ahmed Tinubu’s administration, the country’s debts stands at about N152.39vtrullion – N188 trillion. This translates to burying Nigeria in a heap of debts.

We can now understand the reason for their aggressive multiple tax policies. They just have to pass the buck on to the citizens without any remorse.

We have a National Assembly that is not pro-people but completely detached from their constituents. This present bunch of lawmakers have their apron strings tied to the executive. When the Senate of the Federal Republic can confidently be in full support of the borrowings without any sober reflection, Nigerian people must be prepared for a long economic hardship.

No country survives with this kind of grievous debt. The Nigerian government borrows not to invest in our infrastructural development, education, health, science or technology acquisition but to buy Sport Utility Vehicles (SUVs) for officials and in some cases for their girlfriends.

The Nigerian government borrows to fund foreign trips, padded budgets, non existing constituency projects and other frivolities. That is the situation of Nigeria’s borrowing culture over the years.

Nigeria’s present debt situation is alarming and may remain so for ages. This debt will continue to impoverish the people and create undue economic hardship for the growing population.

The present and former administrations did not collected loans for the development of the country or to increase productivity. It is basically for them to live in affluence.

The government has always used the loan collected for personal comfort. If only 50% of loans collected have been judiciously used for the social and economic development of the country’s infrastructures, Nigeria and Nigerians won’t be in such economic quagmire and extreme poverty as they have found themselves.

From Kaura Namoda to Abeokuta, Damaturu to Ohafia, Yenagoa to Lafia, Ekpoma to Minna, the people are traumatized by the living condition caused by poverty and hardship in the country. Nigerians have been subjected to subhuman life by our so-called elected leaders.

There’s nothing the country lacks in terms of resources. The Almighty has blessed the country with more than enough natural wealth. We parade some of the best eggheads in the world, but none of these have been harnessed for the greater good.

Whenever the Federal Government applies for loans from the international community, the citizens are sad because such loans are never utilized to the benefits of the country. Nigeria has no business going for any local or foreign loans because of the enormous wealth in the country. But of course, the disappointing leadership, bad management and governance style over over the years has put Nigeria in this shame before the comity of nations.

In Nigeria’s 65 years of self rule, we are still rebuilding same roads over and over. Presently, the Ijebu-Ode – Ore – Benin road is in a terrible shape. Onitsha – Awka – Enugu – Nsukka – Obollo Otukpa road is in a terrible state as well as so many others.

All these roads and many others have been in existence since 1960 and are still being repaired year in year out to no avail. Every succeeding Government budgets huge amounts for the repair of these roads but we don’t see the results. In other countries like China, United Arab Emirates, Singapore, etc., they have built several, very solid and world class roads for easy drive and connectivity, all geared towards promoting their countries’ economies.

The Nigerian government applies for loans and gets them not to address the growing unemployment, youth development and dying industries. No country in the world with two steel complexes leave them moribund for more than thirty-five years and still counting.

Why should we borrow not to invest in our agriculture but to raise the pay and allowances of politicians? Is there any country in the world, rich in crude but doesn’t have a functioning refinery? Is there any country? What does the Federal government actually borrow for?

In the 1970s and early 1980s, Nigeria had about 70% power supply. We expected it to improve to a steady and regular supply. But unfortunately, in 2026 the power supply is not up to 30% even with the so-called privatization of power. What we have is complete failure and destruction of the country’s economy.

By June 2025, according to media reports, Nigeria’s debt is about #152.39 trillion yet, we have not given up on borrowing. The government of President Bola Ahmed Tinubu is prepared to keep borrowing because the National Assembly led by Senator Godswill Obot Akpabio will always rubber stamp every request from the Presidency.

It is simply because succeeding governments are profligate in spending. They prioritize immaterial and mundane things. At no time has our borrowing resulted in excellent citizens welfare. The loans collected have not been used to upgrade the social and economic infrastructures in the country.

Many states have not fared better in terms of of fiscal discipline. For example, some of the oil rich states of the Delta borrow despite their natural and financial wealth yet, the peoples of that region live in abject poverty.

The government cannot continue to plunge the people into debts without anything to point at. The essence of borrowing is to support critical infrastructures for development. Borrowing should be transparent, pass through citizens’ contributions and tied to specific projects. There should be accountability, that is, stage by stage reports of the concerned project (s).

If Nigeria is governed by patriotic leaders, men and women who are committed, we should not be borrowing without focus. It hurts. It is mind-boggling that other countries of the world are making giant and steady progress but Nigeria is stagnant.

No patriotic Nigerian with children and hopeful for grand and, great-grandchildren that would not look at the financial outlook of the country at the moment and not become sober. It is disturbing. A very disappointing scorecard.

Nigeria is so attracted to borrowing that, it has become a pattern for every administration to borrow. But such borrowings when juxtaposed with the living condition of the masses ought to tall. Where have all our trillions gone into? Can there be a change in the pattern of our borrowings?