“Rising debt, rising inflation, and rising hardship form a troubling pattern that cannot be ignored. Nigeria deserves leadership that borrows with purpose, manages resources with discipline, and delivers visible results”.
BY DARLINGTON OKPEBHOLO RAY
After the alarm raised two days ago by Senator Dino Melaye, I decided to personally do a thorough and an investigative research on the true situation about the debt crisis that bedevils Nigeria and my findings were mind boggling and horrendous.
The nation Nigeria today stands on a dangerous fiscal edge, shaped by the economic direction of President Bola Ahmed Tinubu since May 2023. Within a short period, the nation’s public debt has surged from about ₦87 trillion to over ₦153 trillion, a rise of nearly ₦66 trillion. According to the Debt Management Office and reports by Reuters, this dramatic escalation reflects not just borrowing, but a pattern of economic mismanagement that is becoming increasingly difficult to defend.
The speed of this debt accumulation is deeply troubling. In less than three years, Nigeria has witnessed one of the fastest expansions of public debt in its history. Yet, there is little to show for it. Across the country, citizens face rising inflation, shrinking incomes, and worsening poverty, with no visible nationwide development to justify the scale of borrowing.
While the administration points to exchange rate fluctuations and the securitisation of Ways and Means advances as contributing factors, these explanations do not absolve responsibility. The sharp devaluation of the naira under Tinubu significantly inflated external debt in local currency terms. This outcome is tied directly to policy decisions that lacked sufficient economic safeguards.
At the same time, the government has aggressively pursued fresh borrowing. Approval for over $21.5 billion in external loans, alongside additional euro, yen, and domestic dollar borrowings, signals a worrying dependence on debt. This is happening despite the fact that debt servicing already consumes a substantial portion of national revenue.
Ordinarily, such borrowing should translate into measurable development. However, the reality on ground tells a different story. Infrastructure remains weak, power supply is unreliable, and critical sectors such as education and healthcare continue to struggle. The ordinary Nigerian sees hardship, not progress.
Borrowing is not inherently wrong when it is tied to growth and productivity. But borrowing without accountability, without strategic investment, and without visible outcomes becomes a burden rather than a tool. Under this administration, Nigeria appears to be drifting into a pattern where debt is accumulated without corresponding national advancement.
The argument that part of the debt increase stems from inherited liabilities does not remove responsibility from current leadership. Effective governance demands not only managing inherited challenges but improving them. Instead, existing economic weaknesses have been deepened.
The rise in domestic debt also reveals another concern. Government borrowing within the country crowds out the private sector, limiting access to credit for businesses. This slows investment, reduces job creation, and weakens economic growth, further compounding the hardship faced by citizens.
Nigeria now faces a growing fiscal strain, where a large share of revenue is spent on servicing debt rather than funding development. This creates a cycle where more borrowing becomes necessary just to sustain government operations, pushing the nation deeper into financial vulnerability.
Ultimately, governance must be judged by outcomes, not promises. Rising debt, rising inflation, and rising hardship form a troubling pattern that cannot be ignored. Nigeria deserves leadership that borrows with purpose, manages resources with discipline, and delivers visible results. Until then, the current trajectory remains a stark reflection of missed opportunities and a nation weighed down by its own debt.
…Deacon Amb. Darlington Okpebholo Ray, Journalist and Publisher of Truth Live News International, writes from Greenwich, London, United Kingdom.
